Notes to SEFA
Title: Pass-Through Funds
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Edu-Futuro 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 Edu-Futuro, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Edu-Futuro.
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.
De Minimis Rate Used: Y
Rate Explanation: The organization has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The organization did not pass through any federal funds to subrecipients.
Title: Major Program Selection
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Edu-Futuro 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 Edu-Futuro, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Edu-Futuro.
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.
De Minimis Rate Used: Y
Rate Explanation: The organization has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The major Federal award program selected for testing is as follows:
U.S. TREASURY DEPARTMENT
- Coronavirus State and Local Fiscal Recovery Funds
The requirements of the Office of Management and Budget Uniform Guidance prescribe that all major programs as determined by the auditor on a risk-based approach and/or at least 40% (20% for low-risk auditees) of all federal awards be subject to specific control and compliance testing. Edu-Futuro’s program subject to these requirements is listed above. The total expenditures of this program represent 62.61% of the total federal expenditures.
Title: Major Program Disclosure
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Edu-Futuro 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 Edu-Futuro, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Edu-Futuro.
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.
De Minimis Rate Used: Y
Rate Explanation: The organization has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
I. U.S. Department of Treasury
1) Coronavirus State and Local Fiscal Recovery Funds
The purpose of the Coronavirus State and Local Fiscal Recovery Funds Program is to provide direct payments to states to:
a. Respond to the public health emergency with respect to COVID-19 or its negative economic impacts, including by providing assistance to households, small businesses, nonprofits, and impacted industries, such as tourism, travel, and hospitality;
b. Respond to workers performing essential work during the COVID-19 public health emergency by providing premium pay to eligible workers of the recipient that perform essential work or by providing grants to eligible employers that have eligible workers who are performing essential work;
c. Provide government services, to the extent of the reduction in revenue of the eligible entities due to the COVID-19 public health emergency relative to revenues collected in the most recent full fiscal year of the eligible entities prior to the emergency; and
d. Make necessary investments in water, sewer, or broadband infrastructure.