Notes to SEFA
Title: AUDITS PERFORMED BY OTHER ORGANIZATION
Accounting Policies: SUMMARY OF SIGNIFICANT 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement and may differ from amounts presented in or used in the preparation of the financial statements.
Youth Co-Op, Inc. does not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended June 30, 2022, audits were performed by South Florida Workforce Investment Board (SFWIB), Miami-Dade County, the United States Committee of Refugees and Immigrants (USCRI) and the Department of Children and Families (DCF) of YCI’s administration of federal awards. While these agencies identified findings, observations and recommendations on its monitoring reports, none were determined to be significant. YCI replied with a plan of corrective action, which was accepted by the agencies.
Title: BASIS OF PRESENTATION
Accounting Policies: SUMMARY OF SIGNIFICANT 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement and may differ from amounts presented in or used in the preparation of the financial statements.
Youth Co-Op, Inc. does not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards includes the federal awards activity of Youth Co-Op, Inc. during fiscal year July 1, 2021 through June 30, 2022, over which YCI exercised direct operating control for the year then ended. The information in the 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 Youth Co-Op, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Youth Co-Op, Inc.