Notes to SEFA
Title: Note 1: Basis of presentation
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: During the period October 1, 2021 through December 31, 2022, the Association has elected not to use the 10% de minimis cost rate for charging indirect costs to the grants.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal activity of the Young Men's Christian Association of the Triangle Area, Inc. (the "Association") under programs of the federal government for the period October 1, 2021 through December 31, 2022. 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 the Association, it is not intended to, and does not, present the financial position, changes in net assets, functional expenses, or cash flows of the Association.