Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: 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, whereas certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Sergent’s Way, Inc.. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity Sergent’s Way, 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 Sergent’s Way, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Sergent’s Way, Inc.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING PLICIES
Accounting Policies: 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, whereas certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Sergent’s Way, Inc.. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance
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, whereas certain types of expenditures are not allowable or are limited as to reimbursement.
Title: INDIRECT COST RATE
Accounting Policies: 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, whereas certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Sergent’s Way, Inc.. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance
Sergent’s Way, Inc.. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance
Title: LOAN BALANCE
Accounting Policies: 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, whereas certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Sergent’s Way, Inc.. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance
At June 30, 2023, the Organization carried a ending loan balance included in the Schedule of Federal Awards under the HUD Supportive Housing for People with Disabilities Section 811 Capital Advances in the amount of $722,692.