Notes to SEFA
Title: Basis of Presentation
Accounting Policies: GAAP
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards includes the federal award activity of
Momentum Agencies under programs of the federal government for the year ended June 30, 2023.
The information in the Schedule is presented in accordance with 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 Momentum Agencies, it is not intended to and does not present
the financial position, changes in net assets, or cash flows of Momentum Agencies.
Title: Summary of Significant Accounting Policies
Accounting Policies: GAAP
De Minimis Rate Used: N
Rate Explanation: N/A
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. The Organization
has elected not to use the ten-percent (10%) de minimis indirect cost rate allowed under the Uniform
Guidance.
Title: Amounts provided to Sub-Recipient
Accounting Policies: GAAP
De Minimis Rate Used: N
Rate Explanation: N/A
For the year ended June 30, 2023, no federal award expenditures were provided to sub-recipients.