Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The accrual basis is used for the Schedule of Expenditures of Federal Awards. Under the accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). “Measurable” means the amount can be determined and “available” means collectible within the current period or soon enough thereafter to be sued to pay liabilities for the current period. Expenditures are recorded when the liability in incurred.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis cost rate as covered by paragraph 200.414 of the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the Community Action Committee of Victoria, Texas (the Organization) under programs of the federal government for the year ended January 31, 2023. The information is presented in accordance with the requirements of Title 2 U.S. Code of the Federal Regulations Part 22, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only selected portion of the operations of the Community Action Committee of Victoria, Texas, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Community Action Committee of Victoria, Texas.
Title: Major Programs
Accounting Policies: The accrual basis is used for the Schedule of Expenditures of Federal Awards. Under the accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). “Measurable” means the amount can be determined and “available” means collectible within the current period or soon enough thereafter to be sued to pay liabilities for the current period. Expenditures are recorded when the liability in incurred.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis cost rate as covered by paragraph 200.414 of the Uniform Guidance.
Major programs are identified in the Summary of Auditor’s Results section of the Schedule of Findings and Questioned Costs.
Title: Pass Through to Subrecipients
Accounting Policies: The accrual basis is used for the Schedule of Expenditures of Federal Awards. Under the accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). “Measurable” means the amount can be determined and “available” means collectible within the current period or soon enough thereafter to be sued to pay liabilities for the current period. Expenditures are recorded when the liability in incurred.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis cost rate as covered by paragraph 200.414 of the Uniform Guidance.
There are no awards passed through to subrecipients.