Notes to SEFA
Title: Non-Monetary Assistance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of C.E.F.S. Economic Opportunity Corporation under programs of the federal government for the year ended August 31, 2023. The information in this 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The accompanying Schedule of Expenditures of Federal Awards is a summary of the activity of the Organization's federal award programs presented on the accrual basis. Expenses are recognized and recorded when incurred. Such expenses are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the de minimis cost rate.
The Organization did not receive any non-monetary assistance from federal and pass through agencies for the year ending August 31, 2023.
Title: Subrecipients
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of C.E.F.S. Economic Opportunity Corporation under programs of the federal government for the year ended August 31, 2023. The information in this 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The accompanying Schedule of Expenditures of Federal Awards is a summary of the activity of the Organization's federal award programs presented on the accrual basis. Expenses are recognized and recorded when incurred. Such expenses are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the de minimis cost rate.
The Organization did not provide any federal awards to subrecipients for the year ending August 31, 2023.
Title: Insurance Provided by Federal Agencies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of C.E.F.S. Economic Opportunity Corporation under programs of the federal government for the year ended August 31, 2023. The information in this 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The accompanying Schedule of Expenditures of Federal Awards is a summary of the activity of the Organization's federal award programs presented on the accrual basis. Expenses are recognized and recorded when incurred. Such expenses are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the de minimis cost rate.
The Organization did not receive any insurance coverage provided by a federal agency during the year ending August 31, 2023.