Title: Scope of Entity
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Margaret’s Village 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The schedule presents only a selected portion of the operations of Margaret’s Village and accordingly, it is not intended to and does not present the financial position changes in net position or cash flows of Margaret’s Village. Margaret’s Village has elected to use the 10% de minimis indirect cost rate of modified total direct costs allowed by the uniform guidance.
De Minimis Rate Used: Y
Rate Explanation: Margaret’s Village has elected to use the 10% de minimis indirect cost rate of modified total direct costs allowed by the uniform guidance.
Margaret's Village is a not-for-profit corporation in the State of Illinois. Programs subject to Single Audit: A SEFA is presented for the following agencies: U.S. Department of Health & Human Services for $179,578 and U.S. Department of Housing $308,321.
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Margaret’s Village 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The schedule presents only a selected portion of the operations of Margaret’s Village and accordingly, it is not intended to and does not present the financial position changes in net position or cash flows of Margaret’s Village. Margaret’s Village has elected to use the 10% de minimis indirect cost rate of modified total direct costs allowed by the uniform guidance.
De Minimis Rate Used: Y
Rate Explanation: Margaret’s Village has elected to use the 10% de minimis indirect cost rate of modified total direct costs allowed by the uniform guidance.
See basis of presentation
Title: Findings and NonCompliance
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Margaret’s Village 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The schedule presents only a selected portion of the operations of Margaret’s Village and accordingly, it is not intended to and does not present the financial position changes in net position or cash flows of Margaret’s Village. Margaret’s Village has elected to use the 10% de minimis indirect cost rate of modified total direct costs allowed by the uniform guidance.
De Minimis Rate Used: Y
Rate Explanation: Margaret’s Village has elected to use the 10% de minimis indirect cost rate of modified total direct costs allowed by the uniform guidance.
None
Title: Non-Cash Awards
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Margaret’s Village 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The schedule presents only a selected portion of the operations of Margaret’s Village and accordingly, it is not intended to and does not present the financial position changes in net position or cash flows of Margaret’s Village. Margaret’s Village has elected to use the 10% de minimis indirect cost rate of modified total direct costs allowed by the uniform guidance.
De Minimis Rate Used: Y
Rate Explanation: Margaret’s Village has elected to use the 10% de minimis indirect cost rate of modified total direct costs allowed by the uniform guidance.
None
Title: Subrecipients Expenditures
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Margaret’s Village 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The schedule presents only a selected portion of the operations of Margaret’s Village and accordingly, it is not intended to and does not present the financial position changes in net position or cash flows of Margaret’s Village. Margaret’s Village has elected to use the 10% de minimis indirect cost rate of modified total direct costs allowed by the uniform guidance.
De Minimis Rate Used: Y
Rate Explanation: Margaret’s Village has elected to use the 10% de minimis indirect cost rate of modified total direct costs allowed by the uniform guidance.
None
Title: Insurance
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Margaret’s Village 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The schedule presents only a selected portion of the operations of Margaret’s Village and accordingly, it is not intended to and does not present the financial position changes in net position or cash flows of Margaret’s Village. Margaret’s Village has elected to use the 10% de minimis indirect cost rate of modified total direct costs allowed by the uniform guidance.
De Minimis Rate Used: Y
Rate Explanation: Margaret’s Village has elected to use the 10% de minimis indirect cost rate of modified total direct costs allowed by the uniform guidance.
None
Title: Loan and Loan Guarantees
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Margaret’s Village 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The schedule presents only a selected portion of the operations of Margaret’s Village and accordingly, it is not intended to and does not present the financial position changes in net position or cash flows of Margaret’s Village. Margaret’s Village has elected to use the 10% de minimis indirect cost rate of modified total direct costs allowed by the uniform guidance.
De Minimis Rate Used: Y
Rate Explanation: Margaret’s Village has elected to use the 10% de minimis indirect cost rate of modified total direct costs allowed by the uniform guidance.
None