Notes to SEFA
Accounting Policies: (1) Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awardactivity of Phipps Neighborhoods, Inc. (Neighborhoods) under programs of the federal government for theyear ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements ofTitle 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presentsonly a selected portion of the operations of Neighborhoods, it is not intended to and does not present thefinancial position, changes in net assets, or cash flows of Neighborhoods.(2) Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following, as applicable, either the cost principles in OMB Circular A-122, Cost Principles for Notfor-Profit Organizations or the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.