Notes to SEFA
Accounting Policies: 1.GENERAL INFORMATION The accompanying schedules of expenditures of federal awards and state financial assistance present the activities in all the federal and state financial assistance programs of Community Coordinated Child Care of Union County, Inc. All financial assistance received directly from federal and state agencies as well as financial assistance passed through other governmental agencies or not-for-profit organizations are included on the schedules. 2.BASIS OF ACCOUNTING The accompanying schedules of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. The amounts reported in the schedules as expenditures may differ from certain financial reports submitted to federal or state funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting. 3.RELATIONSHIP TO BASIC FINANCIAL STATEMENTS Federal and state financial assistance expenditures awards are reported on the statements of functional expenses as program services and management and general expenses. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the schedules of expenditures of federal awards and state financial assistance due to program expenditures exceeding grant or contract budget limitations, matching or in-kind contributions or capitalization policies required under accounting principles generally accepted in the United States of America.
De Minimis Rate Used: N
Rate Explanation: The Organization does not have a federally negotiated indirect cost rate and has not elected to use the 10% de minimis cost rate as covered in section 200.414 in Uniform Guidance.