Notes to SEFA
Accounting Policies: Basis of Accounting: The accompanying Schedule is presented using the accrual basis of accounting. The amounts reported as federal expenditures were obtained from appropriate financial reports for the applicable program and periods. The amounts reported in these financial reports are prepared from records maintained for each program. These records are periodically reconciled to the general ledger, which is the source of supporting data for the Organization's financial statements. Basis of Presentation The accompanying Schedule includes the activity of all federal awards programs administered by Buffalo Urban League, Inc., under programs of the federal government 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 (Uniform Guidance). Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the Schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the 10% de minimis indirect cost rate as allowed under Uniform Guidance and instead uses the overhead allocation rate provided by the specific contracts for the programs.