Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Accrual Basis
De Minimis Rate Used: Y
Rate Explanation: The auditee used the De Mimimis Cost Rate
The accompanying schedule of expenditures of federal and state awards (the Schedule) includes the federal and state award activity of Reading and Beyond (the Organization) under programs of the federal govermnemt and the State of California for the year ended June 30, 2023. Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: Summary of Significant Accounting Policies
Accounting Policies: Accrual Basis
De Minimis Rate Used: Y
Rate Explanation: The auditee used the De Mimimis Cost Rate
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized, and certain type of expenditures are not allowable or limited as to reimbursement
Title: Indirect Costs
Accounting Policies: Accrual Basis
De Minimis Rate Used: Y
Rate Explanation: The auditee used the De Mimimis Cost Rate
The Organization used the 10% de minimis cost rate.