Title: LOANS AND LOAN GUARANTEES
Accounting Policies: This Schedule of Expenditures of Federal Awards (the Schedule) was prepared on the modified accrual basis of accounting. The modified accrual basis differs from the full accrual basis of accounting in that expenditures for property and equipment are expensed when incurred, rather than being capitalized and depreciated over their useful lives, and expenditures for the principal portion of debt service are expensed when incurred, rather than being applied to reduce the outstanding principal portion of debt, which conforms to the basis of reporting to grantors for reimbursement under the terms of the Clubs federal grants.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Club did not have any loans or loan guarantee programs required to be reported on the Schedule for the fiscal year ended May 31, 2022.
Title: FEDERALLY FUNDED INSURANCE
Accounting Policies: This Schedule of Expenditures of Federal Awards (the Schedule) was prepared on the modified accrual basis of accounting. The modified accrual basis differs from the full accrual basis of accounting in that expenditures for property and equipment are expensed when incurred, rather than being capitalized and depreciated over their useful lives, and expenditures for the principal portion of debt service are expensed when incurred, rather than being applied to reduce the outstanding principal portion of debt, which conforms to the basis of reporting to grantors for reimbursement under the terms of the Clubs federal grants.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Club did not have any federally funded insurance required to be reported on the Schedule for the fiscal year ended May 31, 2022.
Title: BASIS OF PRESENTATION
Accounting Policies: This Schedule of Expenditures of Federal Awards (the Schedule) was prepared on the modified accrual basis of accounting. The modified accrual basis differs from the full accrual basis of accounting in that expenditures for property and equipment are expensed when incurred, rather than being capitalized and depreciated over their useful lives, and expenditures for the principal portion of debt service are expensed when incurred, rather than being applied to reduce the outstanding principal portion of debt, which conforms to the basis of reporting to grantors for reimbursement under the terms of the Clubs federal grants.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The amounts reported in the Schedule were obtained from the Clubs general ledger. Because the Schedule presents only a selected portion of the operations, it is not intended to and does not present the financial position, changes in net assets and cash flows of the Club.For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly with the federal government and other pass-through entities. Payments received for goods or services provided as a vendor do not constitute federal awards for purposes of the Schedule. The Club has obtained Assistance Listing Numbers (ALN) to ensure that all programs have been identified in the Schedule. ALNs have been appropriately listed by applicable programs. Federal programs with different ALNs that are closely related because they share common compliance requirements are defined as a cluster by the Uniform Guidance. Three clusters are identified in the Schedule as follows:Head Start Cluster This cluster provides awards to promote school readiness of low-income children (including American Indians, Alaska Natives, and migrant and season farm workers) by enhancing childrens cognitive, social and emotional development.Child Nutrition ClusterIncludes awards that assist states in administering food services that provide healthful, nutritious meals to eligible children in public and non-profit private schools, residential child care institutions, and summer recreation programs; and encourage the domestic consumption of nutritious agricultural commodities.Child Care Development Fund (CCDF) ClusterThis cluster is the primary federal funding source to help certain low-income families access child care and to improve the quality of childcare for all children.
Title: RELATIONSHIP OF THE SCHEDULE TO PROGRAM FINANCIAL REPORTS
Accounting Policies: This Schedule of Expenditures of Federal Awards (the Schedule) was prepared on the modified accrual basis of accounting. The modified accrual basis differs from the full accrual basis of accounting in that expenditures for property and equipment are expensed when incurred, rather than being capitalized and depreciated over their useful lives, and expenditures for the principal portion of debt service are expensed when incurred, rather than being applied to reduce the outstanding principal portion of debt, which conforms to the basis of reporting to grantors for reimbursement under the terms of the Clubs federal grants.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The amounts reflected in the financial reports submitted to the awarding federal and/or pass-through agencies and the Schedule may differ. Some of the factors that may account for any difference include the following: - The Clubs fiscal year end may differ from the programs year-end. - Accruals recognized in the Schedule, because of year-end procedures, may not be reported in the program financial reports until the next program reporting period. - Fixed asset purchases and the resultant depreciation charges are recognized as fixed assets in the Clubs financial statements and as expenditures in the program financial reports and the Schedule.
Title: FEDERAL PASS-THROUGH FUNDS
Accounting Policies: This Schedule of Expenditures of Federal Awards (the Schedule) was prepared on the modified accrual basis of accounting. The modified accrual basis differs from the full accrual basis of accounting in that expenditures for property and equipment are expensed when incurred, rather than being capitalized and depreciated over their useful lives, and expenditures for the principal portion of debt service are expensed when incurred, rather than being applied to reduce the outstanding principal portion of debt, which conforms to the basis of reporting to grantors for reimbursement under the terms of the Clubs federal grants.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Club is also the sub-recipient of federal funds that have been subjected to testing and are reported as expenditures and listed as federal pass-through funds. Federal awards other than those indicated as pass-through are considered direct.
Title: CONTINGENCIES
Accounting Policies: This Schedule of Expenditures of Federal Awards (the Schedule) was prepared on the modified accrual basis of accounting. The modified accrual basis differs from the full accrual basis of accounting in that expenditures for property and equipment are expensed when incurred, rather than being capitalized and depreciated over their useful lives, and expenditures for the principal portion of debt service are expensed when incurred, rather than being applied to reduce the outstanding principal portion of debt, which conforms to the basis of reporting to grantors for reimbursement under the terms of the Clubs federal grants.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Grant monies received and disbursed by the Club 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. The Club does not believe that such disallowance, if any, would have a material effect on its financial position. As of May 31, 2022, there were no material questioned or disallowed costs as a result of grant audits in process or completed.
Title: NONCASH ASSISTANCE
Accounting Policies: This Schedule of Expenditures of Federal Awards (the Schedule) was prepared on the modified accrual basis of accounting. The modified accrual basis differs from the full accrual basis of accounting in that expenditures for property and equipment are expensed when incurred, rather than being capitalized and depreciated over their useful lives, and expenditures for the principal portion of debt service are expensed when incurred, rather than being applied to reduce the outstanding principal portion of debt, which conforms to the basis of reporting to grantors for reimbursement under the terms of the Clubs federal grants.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Club did not receive any federal noncash assistance for the fiscal year ended May 31, 2022.
Title: SUBRECIPIENTS
Accounting Policies: This Schedule of Expenditures of Federal Awards (the Schedule) was prepared on the modified accrual basis of accounting. The modified accrual basis differs from the full accrual basis of accounting in that expenditures for property and equipment are expensed when incurred, rather than being capitalized and depreciated over their useful lives, and expenditures for the principal portion of debt service are expensed when incurred, rather than being applied to reduce the outstanding principal portion of debt, which conforms to the basis of reporting to grantors for reimbursement under the terms of the Clubs federal grants.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Club did not provide federal funds to subrecipients for the fiscal year ended May 31, 2022.