Title: Note 3: FEDERAL LOANS AND LOAN GUARANTEES
Accounting Policies: Basis of presentation: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal spending of Amigos Del Valle, Inc. (a nonprofit organization) and Affiliates 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 (CFR) 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 combined financial statements. Because the schedule presents only a selected portion of the operations, it is not intended to and does not represent the combined financial position of Amigos Del Valle, Inc. and Affiliates. Amounts reported in the accompanying SEFA may not agree with the amounts reported in the related federal financial reports filed with the grantor agencies because of accruals made in the SEFA, which will be included in future reports filed with the agencies. Federal grant funds are considered to be earned to the extent of expenditures made under the provisions of the grant, and accordingly, when such funds are received, they are recorded as deferred revenue until earned.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimums indirect cost rate. For the year ended September 30, 2022, Amigos Del Valle, Inc. and Affiliates did not elect to use this rate.
See note disclosure 3 in the notes to the SEFA in the Financial Statements.
Title: Note 4: SUB-RECIPIENTS
Accounting Policies: Basis of presentation: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal spending of Amigos Del Valle, Inc. (a nonprofit organization) and Affiliates 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 (CFR) 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 combined financial statements. Because the schedule presents only a selected portion of the operations, it is not intended to and does not represent the combined financial position of Amigos Del Valle, Inc. and Affiliates. Amounts reported in the accompanying SEFA may not agree with the amounts reported in the related federal financial reports filed with the grantor agencies because of accruals made in the SEFA, which will be included in future reports filed with the agencies. Federal grant funds are considered to be earned to the extent of expenditures made under the provisions of the grant, and accordingly, when such funds are received, they are recorded as deferred revenue until earned.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimums indirect cost rate. For the year ended September 30, 2022, Amigos Del Valle, Inc. and Affiliates did not elect to use this rate.
During the year ended September 30, 2022, Amigos Del Valle, Inc. and Affiliates had no sub-recipients.
Title: Note 5: NON CASH ASSISTANCE AND OTHER
Accounting Policies: Basis of presentation: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal spending of Amigos Del Valle, Inc. (a nonprofit organization) and Affiliates 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 (CFR) 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 combined financial statements. Because the schedule presents only a selected portion of the operations, it is not intended to and does not represent the combined financial position of Amigos Del Valle, Inc. and Affiliates. Amounts reported in the accompanying SEFA may not agree with the amounts reported in the related federal financial reports filed with the grantor agencies because of accruals made in the SEFA, which will be included in future reports filed with the agencies. Federal grant funds are considered to be earned to the extent of expenditures made under the provisions of the grant, and accordingly, when such funds are received, they are recorded as deferred revenue until earned.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimums indirect cost rate. For the year ended September 30, 2022, Amigos Del Valle, Inc. and Affiliates did not elect to use this rate.
During the year ended September 30, 2022, Amigos Del Valle, Inc. and Affiliates did not receive any federal awards in the form of non-cash assistance and had no federally funded insurance.
Title: Note 6: CONTINGENCIES
Accounting Policies: Basis of presentation: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal spending of Amigos Del Valle, Inc. (a nonprofit organization) and Affiliates 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 (CFR) 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 combined financial statements. Because the schedule presents only a selected portion of the operations, it is not intended to and does not represent the combined financial position of Amigos Del Valle, Inc. and Affiliates. Amounts reported in the accompanying SEFA may not agree with the amounts reported in the related federal financial reports filed with the grantor agencies because of accruals made in the SEFA, which will be included in future reports filed with the agencies. Federal grant funds are considered to be earned to the extent of expenditures made under the provisions of the grant, and accordingly, when such funds are received, they are recorded as deferred revenue until earned.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimums indirect cost rate. For the year ended September 30, 2022, Amigos Del Valle, Inc. and Affiliates did not elect to use this rate.
Grant monies received by Amigos Del Valle, Inc. and Affiliates 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 experience, Amigos Del Valle, Inc. and Affiliates does not believe that such disallowance, if any, has a material effect on the combined financial position of Amigos Del Valle, Inc. and Affiliates.
Title: Note 7: FEDERAL PASS-THROUGH FUNDS
Accounting Policies: Basis of presentation: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal spending of Amigos Del Valle, Inc. (a nonprofit organization) and Affiliates 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 (CFR) 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 combined financial statements. Because the schedule presents only a selected portion of the operations, it is not intended to and does not represent the combined financial position of Amigos Del Valle, Inc. and Affiliates. Amounts reported in the accompanying SEFA may not agree with the amounts reported in the related federal financial reports filed with the grantor agencies because of accruals made in the SEFA, which will be included in future reports filed with the agencies. Federal grant funds are considered to be earned to the extent of expenditures made under the provisions of the grant, and accordingly, when such funds are received, they are recorded as deferred revenue until earned.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimums indirect cost rate. For the year ended September 30, 2022, Amigos Del Valle, Inc. and Affiliates did not elect to use this rate.
Amigos Del Valle, Inc. and Affiliates is also the sub-recipient of federal funds that have been subject 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 to be direct.