Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported 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 reimnbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Federal Schedule) includes federal award activity of the YMCA of Newark and Vicinity, Inc. (the Newark YMCA) under programs of the federal government for the year ended December 31, 2022. The information in the Federal Schedule is presented in accordance with Title 2 U.S. Code of Regulations 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 the Newark YMCA, they are not intended to and do not present the financial position, changes in net assets or cash flows of the Newark YMCA.
Title: Non-Cash Awards
Accounting Policies: Expenditures reported on the Schedule are reported 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 reimnbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Newark YMCA's Federal Schedule includes loans from the New Jersey Department of Community Affairs which are classified as Non-Cash Awards (Non-Cash Awards). The basis to determine the value of the Non-Cash Awards are as follows: Federal Assistance Listing Number - Total Federal Expenditures - Basis Used to Determine the Value of Federal Awards Expended / 14.231 - $76,470 - Value of the beginning balance (January 1, 2022) of the loan / 14.231 - $77,680 - Value of the beginning balance (January 1, 2022) of the loan / 14.231 - $100,000 - Value of the beginning balance (January 1, 2022) of the loan / 14.231 - $33,342 - Value of new loans received and expended during the audit period / The balance of the New Jersey Department of Community Affairs loans at December 31, 2022 is $236,227.