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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: 10% was used for the major program. Other awards where the 10% is not applied either have a rate approved by the federal awarding agency or did not include any indirect costs in the expenditures.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of I Know I Can (IKIC) 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 the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of IKIC, it is not intended to and does not present the financial position, changes in net assets, or cash flows of IKIC.
Title: Summary of Significant Accounting Policies
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: 10% was used for the major program. Other awards where the 10% is not applied either have a rate approved by the federal awarding agency or did not include any indirect costs in the expenditures.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: 10% was used for the major program. Other awards where the 10% is not applied either have a rate approved by the federal awarding agency or did not include any indirect costs in the expenditures.
IKIC has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.