Notes to SEFA
Accounting Policies: Note 1 Basis of PresentationThe accompanying schedules of expenditures of federal awards and state financial assistance (the Schedules) include the federal and state grant activity of The Leaguers, Incorporated (the Organization) under programs of the federal and state governments, respectively, for the year ended January 31, 2022. The information in these Schedules is presented 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) and New Jersey Department of the Treasury Circular Letter 15-08 OMB, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Because the Schedules present only a selected portion of the operations of the Organization, they are not intended to and do 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 schedules of expenditures of federal awards and state financial assistance are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Note 3 Indirect Cost RateThe Organization does not claim indirect cost and therefore does not have to make any election to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.