Notes to SEFA
Accounting Policies: NOTE A SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1.
Reporting Entity
Family, Inc. (the Organization) is a 501(c)(3) nonprofit organization. The organization provides supportive services to families with children prenatal to school entry in Pottawattamie County, Iowa, and the surrounding area. Services are provided in homes, shelters, and other community settings. Services provided by the organization include dental care, home safety checks, maternal/child nursing visits, and other family services. The Organization depends primarily on state and federal funding.
2.
Basis of Accounting
The schedule of expenditures of federal awards is presented on the accrual basis of accounting.
3.
Basis of Presentation
The accompanying schedule presents expenditures paid for each federal award program in accordance with the Office of Management and Budget (OMB) Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal programs are reported as presented in the Catalog of Federal Domestic Assistance (CFDA), whenever possible.
4.
Contingencies
During the normal course of business, the Organization receives funds from the United States Government for program services. Substantially all of these funds are subject to future audit by various federal and state agencies, however, it is management’s opinion that resulting adjustments, if any, would not have a material effect upon the accompanying financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to charge the 10% de minimis indirect cost rate to its federal award programs.