Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Accrual basis. Expenditures recognized following cost principles in Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: Auditee elected not to use the indirect cost rate
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Monte Vista Community Center, Inc. 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 Monte Vista Community Center, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Monte Vista Community Center, Inc.
Title: Summary of Significant Accounting Policies
Accounting Policies: Accrual basis. Expenditures recognized following cost principles in Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: Auditee elected not to use the indirect cost rate
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.
Title: Indirect Cost Rate
Accounting Policies: Accrual basis. Expenditures recognized following cost principles in Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: Auditee elected not to use the indirect cost rate
Monte Vista Community Center, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.