Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the Schedule 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.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of CareerWise Colorado (CareerWise) under programs of the federal government for the year ended December 31, 2022. 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 presents only a selected portion of the operations of CareerWise, it is not intended to and does not present the financial position, changes in net assets, or cash flows of CareerWise.
Title: Program Income
Accounting Policies: Expenditures reported in the Schedule 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.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Program income reported under the addition method includes annual partner fees which are used for allowable grant activities that support the goals of the Youth Apprenticeship Readiness Grant (YARG). For the year ended December 31, 2022, $123,100 in program income was received and subsequently used during the year. Federal cost reimbursement expenses - YARG $ 1,364,921. Non-federal expenses, addition method - YARG 123,100. Total expenses - YARG $ 1,488,021.