Notes to SEFA
Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE CASH BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWED OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: THE ORGANIZATION HAS NOT ELECTED TO USE THE 10 PERCENT DE MINIMUS RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE
THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE ("SCHEDULE") INCLUDES THE FEDERAL AND STATE GRANT ACTIVITY OF THE BOYS & GIRLS CLUBS OF POLK COUNTY, INC. UNDER PROGRAMS OF THE FEDERAL AND STATE GOVERNMENTS FOR THE YEAR ENDED JUNE 30, 2023. THE INFORMATION IN THIS SCHEDULE IS PRESENTED IN ACCORDANCE WITH REQUIREMENTS OF TITLE 2 U.S. CODE OF FEDERAL REGULATIONS, PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS. BECAUSE THE SCHEDULE PRESENTS ONLY A SELECTED PORTION OF THE OPERATIONS OF THE ORGANIZATION, IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, CHANGES IN NET ASSETS, OR CASH FLOWS OF THE ORGANIZATION.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE CASH BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWED OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: THE ORGANIZATION HAS NOT ELECTED TO USE THE 10 PERCENT DE MINIMUS RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE
EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE CASH BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWED OR ARE LIMITED AS TO REIMBURSEMENT.
Title: NOTE C - INDIRECT COST RATE
Accounting Policies: EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE CASH BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWED OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: THE ORGANIZATION HAS NOT ELECTED TO USE THE 10 PERCENT DE MINIMUS RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE
THE ORGANIZATION HAS NOT ELECTED TO USE THE 10 PERCENT DE MINIMUS RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE