Title: Basis of Presentation
Accounting Policies: Expenditures on the schedule of expenditures of federal awards and State of New Jersey Financial Assistance are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: During the fiscal year ended February 28, 2023, CCCOEO was not given an approved indirect cost rate by its cognizant agency, the US Department of Housing and Urban Development. Therefore, the organization used the cost limitations on recovery of indirect costs that were specified and allowed in the grant agreements. For grants awarded with specifications regarding indirect costs, these specifications in fact, take precedence over negotiated rates for the purposes of indirect cost recovery. Therefore, CCCOEO elected not to use the 10% de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards and State of New Jersey Financial Assistance include the federal and state grant activity of Camden County Council on Economic Opportunity, Inc. under programs of the federal government for the year ended February 28, 2023.
The information in the schedule of expenditures of federal awards is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
The information in the schedule of expenditures of State of New Jersey Financial Assistance is presented in accordance with the State of New Jersey Office of Management and Budget Circular 15-08-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid.
Due to the selected portion of organizational operations presented in these schedules, it is not intended to and does not present the overall financial position, changes in net assets, or cash flows of Camden County Council on Economic Opportunity, Inc.
Title: Basis of Accounting
Accounting Policies: Expenditures on the schedule of expenditures of federal awards and State of New Jersey Financial Assistance are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: During the fiscal year ended February 28, 2023, CCCOEO was not given an approved indirect cost rate by its cognizant agency, the US Department of Housing and Urban Development. Therefore, the organization used the cost limitations on recovery of indirect costs that were specified and allowed in the grant agreements. For grants awarded with specifications regarding indirect costs, these specifications in fact, take precedence over negotiated rates for the purposes of indirect cost recovery. Therefore, CCCOEO elected not to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards and State of New Jersey Financial Assistance report allowable costs, including any purchase of equipment and the principal of debt service paid, on the accrual basis of accounting.
Title: Accounting Periods
Accounting Policies: Expenditures on the schedule of expenditures of federal awards and State of New Jersey Financial Assistance are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: During the fiscal year ended February 28, 2023, CCCOEO was not given an approved indirect cost rate by its cognizant agency, the US Department of Housing and Urban Development. Therefore, the organization used the cost limitations on recovery of indirect costs that were specified and allowed in the grant agreements. For grants awarded with specifications regarding indirect costs, these specifications in fact, take precedence over negotiated rates for the purposes of indirect cost recovery. Therefore, CCCOEO elected not to use the 10% de minimis indirect cost rate.
The accoun¬ting records and general ledgers of CCCOEO are based on program year ends (PYEs) appropriate for each grant. The Supplementary Data section includes the presentation of PYE and grant period data for the year ended February 28, 2023.
Title: Relationship to Financial Statements
Accounting Policies: Expenditures on the schedule of expenditures of federal awards and State of New Jersey Financial Assistance are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: During the fiscal year ended February 28, 2023, CCCOEO was not given an approved indirect cost rate by its cognizant agency, the US Department of Housing and Urban Development. Therefore, the organization used the cost limitations on recovery of indirect costs that were specified and allowed in the grant agreements. For grants awarded with specifications regarding indirect costs, these specifications in fact, take precedence over negotiated rates for the purposes of indirect cost recovery. Therefore, CCCOEO elected not to use the 10% de minimis indirect cost rate.
Federal awards and State of New Jersey Financial Assistance expenditures are reported in the Schedule of Functional Expenses. In certain programs, the expenditures reported in the financial statements may differ from the expenditures reported in the Sched¬ules of Expenditures of Federal Awards and the State of New Jersey Financial Assistance Awards due to expenditures for fixed assets or program expendi¬tures covered by other non-federal and non-state grants which exceed the grant or contract budget limitations.
Title: Loan or Loan Guarantee Programs
Accounting Policies: Expenditures on the schedule of expenditures of federal awards and State of New Jersey Financial Assistance are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: During the fiscal year ended February 28, 2023, CCCOEO was not given an approved indirect cost rate by its cognizant agency, the US Department of Housing and Urban Development. Therefore, the organization used the cost limitations on recovery of indirect costs that were specified and allowed in the grant agreements. For grants awarded with specifications regarding indirect costs, these specifications in fact, take precedence over negotiated rates for the purposes of indirect cost recovery. Therefore, CCCOEO elected not to use the 10% de minimis indirect cost rate.
As it relates to Section 200.502 of the Uniform Guidance for Federal Awards, CCCOEO had no loan or loan guarantee programs outstanding at February 28, 2023.
Title: Subrecipients
Accounting Policies: Expenditures on the schedule of expenditures of federal awards and State of New Jersey Financial Assistance are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: During the fiscal year ended February 28, 2023, CCCOEO was not given an approved indirect cost rate by its cognizant agency, the US Department of Housing and Urban Development. Therefore, the organization used the cost limitations on recovery of indirect costs that were specified and allowed in the grant agreements. For grants awarded with specifications regarding indirect costs, these specifications in fact, take precedence over negotiated rates for the purposes of indirect cost recovery. Therefore, CCCOEO elected not to use the 10% de minimis indirect cost rate.
There were no subrecipients for the year ended February 28, 2023.