Notes to SEFA
Title: NOTE 1 - BASIS of PRESENTATION
Accounting Policies: Note 1 and Note 2 described on attached form
De Minimis Rate Used: N
Rate Explanation: De minimus ratge not used
The accompanying Schedule of Expenditures of Federal Awards includes the fedral grant activity of First Stop, Inc. (First Stop) under programs of the federal government for the year ended December 31, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regualtions, 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 First Stop, it is not intended to and does not present the financial position, changes in net assets, or cash flows of First Stop.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Note 1 and Note 2 described on attached form
De Minimis Rate Used: N
Rate Explanation: De minimus ratge not used
Expenditures presented in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principls contained in the Uniform Guidance, where certain types of expenditdures are not allowable or are limited as to reimbursement. First Stop has elected to forego the 10% diminimis indirect cost rate, as allowed under the Uniform Guidance.