Notes to SEFA
Title: Contingent Liabilities
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Tri-County Community Action, Inc. (TCCA) and is presented on the accrual basis of accounting. The information in this schedule 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). Because the schedule represents only a selected portion of the operations of TCCA, it is not intended to and does not present the financial position, changes in net assets or cash flows of TCCA.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The organization participates in a number of federally assisted programs. These programs are audited in accordance with Government Auditing Standards and the Single Audit Act Amendments of 1996, if applicable, in accordance with the required levels of Federal Financial Assistance. Audits of prior years have not resulted in any significant disallowed costs; however, grantor agencies may provide for further examinations. Based on prior experience, management believes that further examinations would not result in any significant disallowed costs.
Title: Relationship to Financial Reports
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Tri-County Community Action, Inc. (TCCA) and is presented on the accrual basis of accounting. The information in this schedule 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). Because the schedule represents only a selected portion of the operations of TCCA, it is not intended to and does not present the financial position, changes in net assets or cash flows of TCCA.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported in the accompanying schedule may not agree with the amounts reported in the related financial reports filed with the grantor agencies because of accruals made in the schedule which will be included in future reports filed with agencies.