Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: None
De Minimis Rate Used: N
Rate Explanation: BrightSpark Early Learning Services does not currently have a negotiated indirect cost rate for use on federal grants and contracts However, as Bright Spark Early Learning Services has previously had a negotiated indirect cost rate, they are not eligible to elect use of the 10%de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of BrightSpark Early Learning Services 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 (the Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.