Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
The accompanying schedule of expenditures of federal and non federal awards (the schedule) includes the federal and non federal grant activity of the Mission Neighborhood Centers, Inc. for the year ended June 30, 2023. The information in this schedule is presented in accordance with the requirements of the Office of Management and Uniform Guidance, Audits of States, Local Government, and Non-Profit Organizations. Because the schedule presents only a selected portion of the operations of Mission Neighborhood Centers, Inc. it is not intended to and does not present the financial position, changes in net assets or cash flows of Mission Neighborhood Centers, Inc. federal awards received directly from federal agencies are designated as "direct program." Any federal awards passed through from other grantor agencies, if any, is designated as "pass through" on the schedule.
Title: Summary of Significant Accounting Policies
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
The expenses reported on the schedule are presented using the accrual basis of accounting, the method used to prepare the MNC's consolidated financial statements. Such expenses are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenses are not allowable or are limited as to reimbursement.
Title: Indirect Cost Rate
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
MNC has elected not to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
Title: Sub-Recipients
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
MNC did not provide any federal awards to sub-recipients for the year ended June 30, 2023.
Title: Loans or Loan Guarantees
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
There were no loans or loan guarantess outstanding at year-end related to the federal and state awards disclosed on the schedule of expenditures of federal and non-federal awards.
Title: Reconciliation of Schedule of Expenditures of Federal Awards to the Consolidated Financial Statements
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
The following is a reconciliation of the expenditures reported on the schedule of expenditures of federal awards to the expenditures reported on the statement of activities included in accompanying financial statements.