Notes to SEFA
Title: NOTE 2 - BASIS OF ACCOUNTING
Accounting Policies: The expenses in the accompanying Schedule of Expenditures of Federal, State and City Awards are presented using the accrual basis of accounting. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting. Federal State and City awards expenditures are reported on the statent of functional expenses as program services. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the schedule of Federal State and City awards due to program expenditures exceeding grant or contract budget limitations which are not included as federal and state awards.
De Minimis Rate Used: N
Rate Explanation: The Organization uses its federally negotiated indirect cost rate for direct federal awards, and for contracts passed through the City of Philadelphia the rate the City allows is used, which is less than 10%.
The expenses in the accompanying Schedule of Expenditures of Federal, State and City Awards are presented using the accrual basis of accounting. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
Title: NOTE 3 - RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: The expenses in the accompanying Schedule of Expenditures of Federal, State and City Awards are presented using the accrual basis of accounting. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting. Federal State and City awards expenditures are reported on the statent of functional expenses as program services. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the schedule of Federal State and City awards due to program expenditures exceeding grant or contract budget limitations which are not included as federal and state awards.
De Minimis Rate Used: N
Rate Explanation: The Organization uses its federally negotiated indirect cost rate for direct federal awards, and for contracts passed through the City of Philadelphia the rate the City allows is used, which is less than 10%.
Federal, State and City awards expenditures are reported on the statement of functional expenses as program services. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the schedule of Federal, State and City awards due to program expenditures exceeding grant or contract budget limitations which are not included as federal and state awards.