Notes to SEFA
Title: 1- Basis of Presentation
Accounting Policies: GAAP
De Minimis Rate Used: N
Rate Explanation: See Note 3
The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of Breckinridge-Grayson, Inc. under programs of the federal government for the year ended May 31, 2023. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirement, COst Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Breckinridge-Grayson Programs, inc. It is not intended to , and does not present the financial position, changes in net assets, or cash flows of Breckinridge Grayson Programs, Inc.
Title: 2- Summary of Significant Accounting Policies
Accounting Policies: GAAP
De Minimis Rate Used: N
Rate Explanation: See Note 3
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, whrein certain typs of expenditures are not allowable or limited as to reimbursement. Negative amounts shown on the schedule represent adjustments or credits made in the normal cost of business. to amounts reported as expenditures in prior years.
Title: 3- Indirect Cost Rate
Accounting Policies: GAAP
De Minimis Rate Used: N
Rate Explanation: See Note 3
Breckinridge Grayson Programs, Inc. has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance