Title: Basis of Presentation
Accounting Policies: Basis of Presentation – The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the activity of all federal awards programs administered by Save the Michaels of the World, Inc. (the “Organization”), under programs of the federal government for the year ended December 31, 2022 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). Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the Schedule.
Basis of Accounting – The accompanying Schedule is presented using the accrual basis of accounting. The amounts reported as federal expenditures were obtained from appropriate financial reports for the applicable program and periods. The amounts reported in these financial reports are prepared from records maintained for the program. These records are periodically reconciled to the general ledger, which is the source of supporting data for the Organization’s financial statements.
Indirect Costs – The Organization has elected not to use the 10 percent de minimus indirect cost rate as allowed under Uniform Guidance and instead uses the overhead allocation rate provided by the specific contracts for the applicable program.
Major Program Determination – Type A programs for the Organization are those which equal or exceeded $750,000 of federal awards expended for the year ended December 31, 2022. Type B programs for the Organization are those which were less than $750,000 of federal awards expended for the year ended December 31, 2022.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimus
indirect cost rate as allowed under Uniform Guidance and instead uses the overhead
allocation rate provided by the specific contracts for the applicable program.
The accompanying schedule of expenditures of federal awards
(the “Schedule”) includes the activity of all federal awards programs administered by Save the Michaels of the World, Inc. (the “Organization”), under programs of the federal government for the year ended December 31, 2022 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). Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the Schedule.
Title: Basis of Accounting
Accounting Policies: Basis of Presentation – The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the activity of all federal awards programs administered by Save the Michaels of the World, Inc. (the “Organization”), under programs of the federal government for the year ended December 31, 2022 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). Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the Schedule.
Basis of Accounting – The accompanying Schedule is presented using the accrual basis of accounting. The amounts reported as federal expenditures were obtained from appropriate financial reports for the applicable program and periods. The amounts reported in these financial reports are prepared from records maintained for the program. These records are periodically reconciled to the general ledger, which is the source of supporting data for the Organization’s financial statements.
Indirect Costs – The Organization has elected not to use the 10 percent de minimus indirect cost rate as allowed under Uniform Guidance and instead uses the overhead allocation rate provided by the specific contracts for the applicable program.
Major Program Determination – Type A programs for the Organization are those which equal or exceeded $750,000 of federal awards expended for the year ended December 31, 2022. Type B programs for the Organization are those which were less than $750,000 of federal awards expended for the year ended December 31, 2022.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimus
indirect cost rate as allowed under Uniform Guidance and instead uses the overhead
allocation rate provided by the specific contracts for the applicable program.
The accompanying Schedule is presented using the accrual basis of
accounting. The amounts reported as federal expenditures were obtained from appropriate financial reports for the applicable program and periods. The amounts reported in these financial reports are prepared from records maintained for the program. These records are periodically reconciled to the general ledger, which is the source of supporting data for the Organization’s financial statements.
Title: Indirect Costs
Accounting Policies: Basis of Presentation – The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the activity of all federal awards programs administered by Save the Michaels of the World, Inc. (the “Organization”), under programs of the federal government for the year ended December 31, 2022 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). Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the Schedule.
Basis of Accounting – The accompanying Schedule is presented using the accrual basis of accounting. The amounts reported as federal expenditures were obtained from appropriate financial reports for the applicable program and periods. The amounts reported in these financial reports are prepared from records maintained for the program. These records are periodically reconciled to the general ledger, which is the source of supporting data for the Organization’s financial statements.
Indirect Costs – The Organization has elected not to use the 10 percent de minimus indirect cost rate as allowed under Uniform Guidance and instead uses the overhead allocation rate provided by the specific contracts for the applicable program.
Major Program Determination – Type A programs for the Organization are those which equal or exceeded $750,000 of federal awards expended for the year ended December 31, 2022. Type B programs for the Organization are those which were less than $750,000 of federal awards expended for the year ended December 31, 2022.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimus
indirect cost rate as allowed under Uniform Guidance and instead uses the overhead
allocation rate provided by the specific contracts for the applicable program.
The Organization has elected not to use the 10 percent de minimus
indirect cost rate as allowed under Uniform Guidance and instead uses the overhead allocation rate provided by the specific contracts for the applicable program.
Title: Major Program Determination
Accounting Policies: Basis of Presentation – The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the activity of all federal awards programs administered by Save the Michaels of the World, Inc. (the “Organization”), under programs of the federal government for the year ended December 31, 2022 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). Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the Schedule.
Basis of Accounting – The accompanying Schedule is presented using the accrual basis of accounting. The amounts reported as federal expenditures were obtained from appropriate financial reports for the applicable program and periods. The amounts reported in these financial reports are prepared from records maintained for the program. These records are periodically reconciled to the general ledger, which is the source of supporting data for the Organization’s financial statements.
Indirect Costs – The Organization has elected not to use the 10 percent de minimus indirect cost rate as allowed under Uniform Guidance and instead uses the overhead allocation rate provided by the specific contracts for the applicable program.
Major Program Determination – Type A programs for the Organization are those which equal or exceeded $750,000 of federal awards expended for the year ended December 31, 2022. Type B programs for the Organization are those which were less than $750,000 of federal awards expended for the year ended December 31, 2022.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimus
indirect cost rate as allowed under Uniform Guidance and instead uses the overhead
allocation rate provided by the specific contracts for the applicable program.
Type A programs for the Organization are those
which equal or exceeded $750,000 of federal awards expended for the year ended December 31, 2022. Type B programs for the Organization are those which were less than $750,000 of federal awards expended for the year ended December 31, 2022.