Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures 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 type of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the The Organization utilizes a predetermined federally negotiated indirect cost rate and therefore has not elected to use the 10% de minimis. The U.S. Department of Health and Human Services is the cognizant agency.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant expenditures of Tri-County Opportunities Council (Organization) 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
Title: NON-CASH ASSISTANCE, LOANS OUTSTANDING AND INSURANCE
Accounting Policies: Expenditures 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 type of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the The Organization utilizes a predetermined federally negotiated indirect cost rate and therefore has not elected to use the 10% de minimis. The U.S. Department of Health and Human Services is the cognizant agency.
The Organization did not receive any federal non-cash assistance, federal loans or federal insurance for the year ended December 31, 2022.