Notes to SEFA
Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: 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, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Springfield Empowerment Zone Partnership, Inc. 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 includes the federal award activity of
Springfield Empowerment Zone Partnership, Inc. under programs of the federal government for the year
ended June 30, 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
portion of the operations of Springfield Empowerment Zone Partnership, Inc. it is not intended to and does
not present the financial position, changes in net assets, or cash flows of Springfield Empowerment Zone
Partnership, Inc.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: 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, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Springfield Empowerment Zone Partnership, Inc. has not elected to use the 10 percent de minimis indirect
cost rate as allowed under 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, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
Title: NOTE 3 – INDIRECT COST RATE
Accounting Policies: 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, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Springfield Empowerment Zone Partnership, Inc. has not elected to use the 10 percent de minimis indirect
cost rate as allowed under the Uniform Guidance.
Springfield Empowerment Zone Partnership, Inc. has not elected to use the 10 percent de minimis indirect
cost rate as allowed under the Uniform Guidance.