Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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.
De Minimis Rate Used: N
Rate Explanation: Costs charged to Federal programs are based on direct expenditures incurred. Any program expenditures not directly chargeable are allocated to a program based on units of service.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Tykes and Teens, Inc. 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 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 Tykes and Teens, Inc., it is not intended to and does not present the finmancial position, changes in net assets, or cash flows of Tykes and Teens, Inc.
Title: Sub-Recipient Monitoring
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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.
De Minimis Rate Used: N
Rate Explanation: Costs charged to Federal programs are based on direct expenditures incurred. Any program expenditures not directly chargeable are allocated to a program based on units of service.
Tykes and Teens, Inc. has provided no federal awards to subrecipients
Title: Matching Requirement
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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.
De Minimis Rate Used: N
Rate Explanation: Costs charged to Federal programs are based on direct expenditures incurred. Any program expenditures not directly chargeable are allocated to a program based on units of service.
All matching requirements for the contracts in effect from July 1, 2022 through June 30, 2023 have benn met by Tykes and Teens, Inc.
Title: Contingencies
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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.
De Minimis Rate Used: N
Rate Explanation: Costs charged to Federal programs are based on direct expenditures incurred. Any program expenditures not directly chargeable are allocated to a program based on units of service.
Amounts received or receivable, from grantor agencies are subject to audit and adjustment by grantor agencies. If any expenditures are disallowed as a result of these audits, the claims for reimbursement to the grantor agency would become a liability of Tykes and Teens, Inc. In the opinion of management, any such adjustment would not be significant.