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 the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Inspire Development Centers has not elected to use the 10% de minimis indirect cost rate. Inspire Development Centers has used the cost rate negotiated with grant funders.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Inspire Development Centers 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 2 CFR 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 Inspire Development Centers, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Inspire Development Centers.
Title: SUBRECIPIENTS
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Inspire Development Centers has not elected to use the 10% de minimis indirect cost rate. Inspire Development Centers has used the cost rate negotiated with grant funders.
Inspire Development Centers had no payments to subrecipients for the year ended June 30, 2023.