Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: LBUCC has contracted with the respective granting agencies for indirect cost rates, if applicable. Allowable indirect costs for each award are determined by the related terms and conditions developed by the awarding agency for each program. LBUCC has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Los Barrios Unidos Community Clinic, Inc. ("LBUCC") under programs of the federal or state government for the year ended May 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). Because the Schedule presents only a selected portion of the operations of LBUCC, it is not intended to and does not present the financial position, changes in net assets, or cash flows of LBUCC.
Title: Nature of Activities
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: LBUCC has contracted with the respective granting agencies for indirect cost rates, if applicable. Allowable indirect costs for each award are determined by the related terms and conditions developed by the awarding agency for each program. LBUCC has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
LBUCC receives various grants to cover costs of specified programs. Final determination of eligibility costs will be made by the grantors. Should any costs be found ineligible, LBUCC
will be responsible for reimbursing the grantors for these amounts.
Title: Relationship to Basic Financial Statements
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: LBUCC has contracted with the respective granting agencies for indirect cost rates, if applicable. Allowable indirect costs for each award are determined by the related terms and conditions developed by the awarding agency for each program. LBUCC has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
Federal financial assistance programs are reported in LBUCC's financial statements as support when eligible expenditures are incurred. Total federal assistance per the accompanying schedule does not include monies received as cost reimbursement for services provided to Medicaid and Medicare eligible recipients.