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 Title 2 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Pass‐through entity identifying numbers are presented when applicable and available.
EPIC has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs, as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: EPIC has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs, as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of EPIC Academy (“EPIC”) under programs of the federal government for the year ended June 30, 2023. 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 EPIC, it is not intended to and does not present the financial position, changes in net assets, or cash flows of EPIC.
Title: 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 Title 2 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Pass‐through entity identifying numbers are presented when applicable and available.
EPIC has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs, as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: EPIC has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs, as allowed under the Uniform Guidance.
Insurance coverage for the year ended June 30, 2023 was as follows:
Umbrella $5,000,000
Property and liability $1,000,000
Directors and officers $1,000,000
Cyber liability $2,000,000
Workers’ compensation $1,000,000 each claim / $3,000,000 aggregate
There were no federal funds expended for insurance during the year ended June 30, 2023.
Title: NON‐CASH ASSISTANCE
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 Title 2 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Pass‐through entity identifying numbers are presented when applicable and available.
EPIC has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs, as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: EPIC has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs, as allowed under the Uniform Guidance.
EPIC did not receive any non‐cash federal awards during the year ended June 30, 2023.
Title: FEDERAL AWARDS IN THE FORM OF LOANS / LOAN GUARANTEES / INTEREST SUBSIDIES
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 Title 2 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Pass‐through entity identifying numbers are presented when applicable and available.
EPIC has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs, as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: EPIC has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs, as allowed under the Uniform Guidance.
There were no federal awards expended in the form of loans, loan guarantees, or interest subsidies at June 30, 2023.