Notes to SEFA
Accounting Policies: Note 1: Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Monarch Services - Servicios Monarca (the Organization) under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Organization, it isnot intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.Note 2-Summary Of Significant Accounting Policies(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principlescontained in OMB Circular A-122, Cost Principles for Non-profit Organizations and the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.(2) The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.