Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in 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
De Minimis Rate Used: N
Rate Explanation: In accordance with Section 2 U.S. Code of Federal Regulations Part 200.412 the Organization is allowed to elect to use the ten percent de minimis indirect cost rate. The Organization did not elect to use the 10% de minimis indirect cost rate.
he accompanying schedule of expenditures of federal awards includes the federal grant activity of Mid‐Kansas Community Action Program, Inc. (the Organization) 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 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 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: LOANS OUTSTANDING AT YEAR END
Accounting Policies: Expenditures reported in 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
De Minimis Rate Used: N
Rate Explanation: In accordance with Section 2 U.S. Code of Federal Regulations Part 200.412 the Organization is allowed to elect to use the ten percent de minimis indirect cost rate. The Organization did not elect to use the 10% de minimis indirect cost rate.
The Organization’s outstanding forgivable loans balances with the U.S Department of Housing and Urban Development (passed through the Kansas Housing Resource Corporation) as of June 30, 2023 totaled $556,000.