Title: NOTE 1—BASIS OF PRESENTATION
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting, which is described in Note 1 to Merrimack Valley Assistance Program, Inc.’s financial statements. 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 reimbursements.
De Minimis Rate Used: N
Rate Explanation: Merrimack Valley Assistance Program, Inc. has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Merrimack Valley Assistance Program, Inc. 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 Merrimack Valley Assistance Program, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Merrimack Valley Assistance Program, Inc.
Title: NOTE 2— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting, which is described in Note 1 to Merrimack Valley Assistance Program, Inc.’s financial statements. 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 reimbursements.
De Minimis Rate Used: N
Rate Explanation: Merrimack Valley Assistance Program, Inc. has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule is presented using the accrual basis of accounting, which is described in Note 1 to Merrimack Valley Assistance Program, Inc.’s financial statements. 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 reimbursements.
Title: NOTE 3—INDIRECT COST RATE
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting, which is described in Note 1 to Merrimack Valley Assistance Program, Inc.’s financial statements. 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 reimbursements.
De Minimis Rate Used: N
Rate Explanation: Merrimack Valley Assistance Program, Inc. has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Merrimack Valley Assistance Program, Inc. has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 4—RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting, which is described in Note 1 to Merrimack Valley Assistance Program, Inc.’s financial statements. 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 reimbursements.
De Minimis Rate Used: N
Rate Explanation: Merrimack Valley Assistance Program, Inc. has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The recognition of expenditures of federal awards has been reported in the Merrimack Valley Assistance Program, Inc.’s financial statements as program services and management and general expenses, as applicable.