Notes to SEFA
Title: NOTE D - H
Accounting Policies: Note A. Basis of PresentationThe Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant award activity of National College Advising Corps, Inc. (the "Organization") under programs of the federal government for the year ended June 30, 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 the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.Note B. Summary of Significant Accounting PoliciesExpenditures reported on 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: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Note D. Federal Pass-Through FundsThe Organization is also the subrecipient of federal funds that have been subjected to testing and reported as expenditures and listed as federal pass-through funds. Federal awards other than those indicated as pass-through are considered direct.Note E. ContingenciesGrant monies received and disbursed by the Organization are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon prior experience, the Organization does not believe that such disallowance, if any, would have a material effect on its financial position. As of June 30, 2022, there were no material questioned or disallowed costs as a result of grant audits in process or completed.Note F. Non-Cash AssistanceThe Organization did not receive any federal non-cash assistance during the fiscal year ended June 30, 2022.Note G. SubrecipientsThe Organization provided federal funds to subrecipients during the fiscal year ended June 30, 2022.Note H. Loans and Loan GuaranteesThe Organization did not have any loans or loan guarantee programs required to be reported on the Schedule during the fiscal year ended June 30, 2022.