Notes to SEFA
Title: SUBRECIPIENTS
Accounting Policies: The accompanying combined schedules of expenditures of federal and state awards ("schedules")include the governmental grant activity of YCS System, Inc. and Member Organizations("Organization") and are presented on the accrual basis of accounting. The information in theseschedules is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirementsfor Federal Awards and New Jersey Office of Management and Budget Circular Letter 15-08.Therefore, some amounts presented in these schedules may differ from amounts presented in, or usedin the preparation of, the combined financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended June 30, 2022, the Organization did not provide any funds relating to their programs to subrecipients.
Title: LOAN AND LOAN GUARANTEE PROGRAMS
Accounting Policies: The accompanying combined schedules of expenditures of federal and state awards ("schedules")include the governmental grant activity of YCS System, Inc. and Member Organizations("Organization") and are presented on the accrual basis of accounting. The information in theseschedules is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirementsfor Federal Awards and New Jersey Office of Management and Budget Circular Letter 15-08.Therefore, some amounts presented in these schedules may differ from amounts presented in, or usedin the preparation of, the combined financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
As of June 30, 2022, the Organization did not have any outstanding loans on its programs.