Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the SEFA are reported the accrual basis of accounting. The amounts reported in this SEFA may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted on either a cash basis or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: SpArc Services has not elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards ("SEFA") presents the activities of federal assistance programs of SpArc Services. All financial assistance received directly from federal agencies as well as financial assistance passed through other governmental agencies or nonprofit organizations, is presented on the SEFA. 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 SpArc Services, it is not intended to and does not present the financial position, changes in net assets or cash flows of SpArc Services. SpArc Services reported Provider Relief Fund ("PRF") expenditures of $991,864 on the SEFA for the fiscal year ended June 30, 2023. In accordance with the guidance in the 2023 Compliance Supplement, the correlating expenditures on the SEFA should reflect the amounts reported in the PRF Reporting Portal (the "Portal") for the submission date that falls within the fiscal year ended June 30, 2023. These expenditures were reported as revenues on the statement of activities for June 30, 2022.
Title: RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the SEFA are reported the accrual basis of accounting. The amounts reported in this SEFA may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted on either a cash basis or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: SpArc Services has not elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the SEFA due to program expenditures shown in the financial statements exceeding grant or contract budget limitations of the awards.