Notes to SEFA
Title: NOTE 4- OTHER INFORMATION
Accounting Policies: NOTE 1- BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule)includes the federal award activity of Second Story (the Organization) for theyear ended June 30, 2022. The information in this Schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal RegulationsPart 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedulepresents only a selected portion of the operations of the Organization, it is notintended to and does not present the financial position, changes in net assets,or cash flows of the Organization.NOTE 2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis ofaccounting. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures arenot allowable or are limited as to reimbursement. Negative amounts shown onthe Schedule represent adjustment or credits made in the normal course ofbusiness to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Organization did not receive any federal insurance or federal noncashassistance and had no outstanding loans or loan guarantees with continuingcompliance requirements. The Organization did not provide any funds tosubrecipients.