Notes to SEFA
Accounting Policies: Note 1: Basis of presentation - The accompanying schedule of expenditures of federal and state awards (the Schedule) includes the federal and state grants activity of Philadelphia Works. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Philadelphia Works, it is not intended to and does not present the financial position and changes in net position of the Philadelphia Works.Philadelphia Works records expenses that can be identified with a specific program directly to that program. Expenses that are common to several programs are allocated on the basis of several methodologies, such as direct costs, space occupied by departments, etc.
De Minimis Rate Used: N
Rate Explanation: Expenditures reported on the Schedule are on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Philadelphia Works has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.