Notes to SEFA
Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The Neighborhood House has elected not to use the 10 percent de minimis indirect cost rate as covered
in the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) only includes the
federal award activity of Lenox Hill Neighborhood House, Inc., (the “Neighborhood House”) for the year
ended June 30, 2023. The information in the Schedule is presented in accordance with the requirements
of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Because the Schedule
presents only a selected portion of the operations of the Neighborhood House, it is not intended to
present, nor does it present, the financial position, changes in net assets or cash flows of the
Neighborhood House.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The Neighborhood House has elected not to use the 10 percent de minimis indirect cost rate as covered
in the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance.
Title: NOTE 3 – INDIRECT COST RATES
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The Neighborhood House has elected not to use the 10 percent de minimis indirect cost rate as covered
in the Uniform Guidance.
The Neighborhood House has elected not to use the 10 percent de minimis indirect cost rate as covered
in the Uniform Guidance.