Notes to SEFA
Title: 3. FEDERAL LOAN PROGRAM AWARD
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Travelers Aid Society of Metropolitan Detroit 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 Travelers Aid Society of Metropolitan Detroit, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Travelers Aid Society of Metropolitan Detroit.
De Minimis Rate Used: N
Rate Explanation: 2. INDIRECT COST RATE
Travelers Aid Society of Metropolitan Detroit has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Organization has a U.S. Small Business Administration (SBA) Disaster Assistance Loans award. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. The Organization received no additional Federal award loans during the year. The balance of the loan outstanding at June 30, 2023 consists of: Disaster Assistance Loans (CFDA Number 59.008) of $149,626.
Title: 4. SUBRECIPIENTS
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Travelers Aid Society of Metropolitan Detroit 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 Travelers Aid Society of Metropolitan Detroit, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Travelers Aid Society of Metropolitan Detroit.
De Minimis Rate Used: N
Rate Explanation: 2. INDIRECT COST RATE
Travelers Aid Society of Metropolitan Detroit has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
There were no awards passed through to subrecipients.