Notes to SEFA
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Boys and Girls Clubs of the Valley has elected not to use the 10-percent de minimis indirect cost rate 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 (the “Schedule”) includes the federal award activity of Boys and Girls Clubs of the Valley 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 Boys and Girls Clubs of the Valley, it is not intended to and does not present the financial position, changes in net assets or cash flows of Boys and Girls Clubs of the Valley.
Title: Loans Outstanding
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. Boys and Girls Clubs of the Valley has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Boys & Girls Clubs of the Valley, Inc. and Subsidiaries has loans outstanding for various maintenance and improvement projects at branch locations which are funded through Community Development Block Grants. Loans outstanding at the beginning of the year, as well as new loans established during the year ended June 30, 2023, are included in the federal expenditures presented in the accompanying schedule of expenditures of federal awards. The balance of loans outstanding at June 30, 2023 consists of:
Federal Grantor/Program/Pass-Through Agency Federal Assistance Listing Number Pass-Through Number Federal Expenditures
U.S. Department of Housing and Urban Development
Passed through the City of Phoenix Community Development Block Grant/Entitlement Grants 14.218
City of Phoenix 144193 $33,600
City of Phoenix 141741 21,240
City of Phoenix 139791-0 12,208
City of Phoenix 136847-0 24,000
City of Phoenix 148940-0 75,000
City of Phoenix 152009-0 98,671
Total loans outstanding $264,899