Notes to SEFA
Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accural basis of accounting. Such expenditures are recognized following the cost priciples contained in the Uniform Guidence, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10% 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 FavorHouse of Northwest Florida Inc. under programs of the federal government for the year ended June 30, 2023. The information in this Schdule 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 Guidence). Because the Schedule presents only a selected portion of the operations for FavorHouse of Northwest Florida Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of FavorHouse of Northwest Florida Inc.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accural basis of accounting. Such expenditures are recognized following the cost priciples contained in the Uniform Guidence, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accural basis of accounting. Such expenditures are recognized following the cost priciples contained in the Uniform Guidence, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: NOTE C - SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accural basis of accounting. Such expenditures are recognized following the cost priciples contained in the Uniform Guidence, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
FavorHouse of Northwest Florida, Inc. did not have any subrecipients for the year ended June 30, 2023.
Title: NOTE D - INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the accural basis of accounting. Such expenditures are recognized following the cost priciples contained in the Uniform Guidence, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Organization has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.