Notes to SEFA
Title: Note 1: Basis of Presentation
Accounting Policies: Note 2: Summary of Significant Accounting Policies Applicable to the Schedule of Federal Awards include Scope of Presentation, Basis of Accounting, Subrecipient Expenses, and Indirect Cost Rate
De Minimis Rate Used: N
Rate Explanation: Client used a rate of 8.2% that was determined by the client and lower than the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Think Together under programs of the federal government for the year ended June 30, 2023. For purposes of the schedule, federal awards include both federal financial assistance received directly from a federal agency, as well as funds received indirectly by Think Togeher from non-federal organizations. The information in this Schedule is presented in accordance with the requirements of the 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 Think Together, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Think Together.
Title: Note 2: Summary of Significant Accounting Policies Applicable to the Schedule of Federal Awards
Accounting Policies: Note 2: Summary of Significant Accounting Policies Applicable to the Schedule of Federal Awards include Scope of Presentation, Basis of Accounting, Subrecipient Expenses, and Indirect Cost Rate
De Minimis Rate Used: N
Rate Explanation: Client used a rate of 8.2% that was determined by the client and lower than the 10% de minimis cost rate.
Scope of Presentation - The accompanying schedule presents expenses incurred by Think Together that are reimbursable under federal programs of federal financial assistance. Basis of Accounting - The expenses included in the accompanying schedule were reported on the accrual basis of the accounting in accordance with accounting principles generally accepted in the United States of America (GAAP). Such expenditures are recognized following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited for reimbursement. Subrecipient Expenses - There were no payments to subrecipients for the year ended June 30, 2023. Indirect Cost Rate - Think Together elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.