Notes to SEFA
Accounting Policies: The accompanying Schedules of Expenditures of Federal Awards includes the federalaward activity of Sharon Baptist Board of Directors, Inc. under programs of the FederalGovernment for the year ended June 30, 2022. The information in this schedule ispresented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance). Because the Schedulepresents only a selected portion of the operations of Sharon Baptist Board of Directors,Inc., it is not intended to and does not present the financial position, change in net assetsor cash flows for Sharon Baptist Board of Directors, Inc.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate. Expenditures reported on the Schedule are reported on the accrual basis of accounting.Such expenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement. Negative amounts shown on the schedule represent adjustments orcredits made in the normal course of business to amounts reported as expenditures inprior years. Pass-through entity identifying numbers are presented where available.