Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of Youth Development Labs, Inc. (the Agency) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
The Agency's consolidated financial statements include the operations of YLabs Studio, Ltd, which is not included in the accompanying Schedule of Expenditures of Federal Awards during the year ended December 31, 2022, since this foreign entity is not subject to the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Agency has elected to not use the 10% de minimis cost rate for its Federal programs.