Notes to SEFA
Title: Match
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance(Schedule) includes the federal and state grant activity of The Florida Center for Early Childhood, Inc. (Center) and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial, statements. Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles, wherein certain types of expenditures are not allowable or are limited as to reimbursement.The Center has elected to not use the 10% de Minimis Indirect Cost Rate.The Centers federal awards do not include loans or loan guarantees.The Center did not receive any federal non-cash assistance for the fiscal year ended June 30, 2021.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Centers contract includes state match for a total of $1,091,098. The allocation of state and federal funding to the program is determined by the Department of Children and Families.Also as required in the contract, the Center must obtain other contributions in cash or in-kind services totaling $408,128.
Title: Contingencies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance(Schedule) includes the federal and state grant activity of The Florida Center for Early Childhood, Inc. (Center) and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial, statements. Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles, wherein certain types of expenditures are not allowable or are limited as to reimbursement.The Center has elected to not use the 10% de Minimis Indirect Cost Rate.The Centers federal awards do not include loans or loan guarantees.The Center did not receive any federal non-cash assistance for the fiscal year ended June 30, 2021.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Grant monies received and disbursed by the Florida Center for Early Childhood are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon prior experience, the Center does not believe that such disallowance, if any, would have a material effect on the financial position of the Center. As of February 21, 2023, there were no material questioned or disallowed costs as a result of grant audits in process or completed.