Notes to SEFA
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: Basis of Accounting - Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations, (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The organization negotiates a rate and therefore not use the de mínimis rate
The accompanying schedule of expenditures of federal awards includes the federal grant and loan activity of Arundel House of Hope, Inc. and is presented on the accrual basis of accounting which is more fully described in Note 1 to the Organization’s financial statements. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Basis of Accounting - Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations, (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The organization negotiates a rate and therefore not use the de mínimis rate
Basis of Accounting - Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations, (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Indirect Costs - The Organization has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Subrecipients - The Organization did not pass through any Federal awards to subrecipients for the year ended June 30, 2022.
Title: NOTE 3 - LOAN BALANCES OUTSTANDING
Accounting Policies: Basis of Accounting - Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations, (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The organization negotiates a rate and therefore not use the de mínimis rate
See the notes to the SEFA for chart/table