Notes to SEFA
Title: SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: ACCRUAL BASIS
De Minimis Rate Used: N
Rate Explanation: CALCULATED INDIRECT RATE - SEE NOTES
EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING UNIFORM GUIDANCE, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE, OR ARE LIMITED AS TO REIMBURSEMENT. IF APPLICABLE, NEGATIVE AMOUNTS SHOWN ON THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS REPRESENTS ADJUSTMENTS OR CREDITS MADE IN THE NORMAL COURSE OF BUSINESS TO AMOUNTS REPORTED AS EXPENDITURES IN PRIOR YEARS. PASS-THROUGH ENTITY INDENTIFYING NUMBERS ARE PRESENTED IF APPLICABLE, AND WHEN THE NUMBERS ARE AVAILABLE.
Title: BASIS OF PRESENTATION
Accounting Policies: ACCRUAL BASIS
De Minimis Rate Used: N
Rate Explanation: CALCULATED INDIRECT RATE - SEE NOTES
THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS INCLUDES THE FEDERAL GRANT AND CONTRACT ACTIVITY OF THE PA CHAPTER, AMERICAN ACADEMY OF PEDIATRICS UNDER PROGRAMS OF THE FEDERAL GOVERNMENT AS A DIRECT RECIPIENT OR A SUB-RECIPIENT FOR THE FYE JUNE 30, 2023. THE INFORMATION IN THIS SCHEDULE IS PRESENTED IN ACCORDANCE WITH THE REQUIREMENTS UNDER UNIFORM GUIDANCE OF THE OFFICE OF MANAGEMENT AND BUDGET. BECAUSE THE SCHEDULE PRESENTS ONLY A SELECTED PORTION OF THE OPERATIONS OF THE PA CHAPTER, AMERICAN ACADEMY OF PEDIATRICS, IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, CHANGES IN NET ASSETS OR CASH FLOWS OF THE PA CHAPTER, AMERICAN ACADEMY OF PEDIATRICS
Title: PROGRAM AND INDIRECT EXPENSE ALLOCATION
Accounting Policies: ACCRUAL BASIS
De Minimis Rate Used: N
Rate Explanation: CALCULATED INDIRECT RATE - SEE NOTES
ALL PROGRAM EXPENSES ARE CHARGED DIRECTLY TO THE RESPECTIVE CONTRACTS BASED ON THE WORK PLANS OF THE CONTRACTS. GENERAL AND ADMINISTRATIVE EXPENSES, OR SHARED AND COMMON COSTS, ARE ALLOCATED TO THE VARIOUS CONTRACTS AND FUNDS BASED ON THE INDIRECT RATE OF THE CHAPTER. THE INDIRECT RATE IS CALCULATED BASED ON A PREVIOUS MODEL APPROVED BY THE DEPARTMENT OF HEALTH AND HUMAN SERVICES, AND IS BASED ON THE RATIO OF TOTAL INDIRECT EXPENSES TO DIRECT LABOR. ACCORDINGLY, THE 10% DEMINIMIS RATE IS NOT UTILIZED.