Notes to SEFA
Title: NOTE 1 - Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule or SEFA) includes the federal grant activity of the Organization 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% “de minimis” indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (Schedule or SEFA) includes the federal grant activity of the Organization 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Federal awards are received on a reimbursement basis.
The following is a reconciliation of the federal expenditures shown in the statement of activities and changes in net assets under the net assets released from restrictions caption and the total expenditures in the Schedule of Expenditures of Federal Awards for the year ended June 30, 2023.
Federal Expenditures per Function: Total salaries, payroll taxes and fringe benefits Operating and administrative expenses 801,714 Indirect costs 156,036 Total federal expenditures for the year ended June 30, 2023 as per the Schedule of
Expenditures of Federal Awards 2,122,387 Add: Other program services expenditures 2,632,355 Less: Property and equi pment adquisitions Total program services expenditures 4,720,952
Title: NOTE 2 - Matching Costs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule or SEFA) includes the federal grant activity of the Organization 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% “de minimis” indirect cost rate allowed under the Uniform Guidance.
Matching costs, such as the nonfederal share of certain program costs, are not included in the accompanying Schedule.
Title: NOTE 3 - Indirect Cost Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule or SEFA) includes the federal grant activity of the Organization 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% “de minimis” indirect cost rate allowed under the Uniform Guidance.
The Organization has not elected to use the 10% “de minimis” indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 4 – Cluster
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule or SEFA) includes the federal grant activity of the Organization 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% “de minimis” indirect cost rate allowed under the Uniform Guidance.
Uniform Guidance defines a cluster of programs as a grouping of closely related programs that have similar compliance requirements. The Schedule includes the following cluster:
Cluster Federal Program CFDA Program TRIO Cluster Talent Search Upward Bound 84.044 84.047