Notes to SEFA
Title: Note 1. 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Four Oaks Family and Children’s Services and Consolidated Entities has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Four Oaks Family and Children’s Services and Consolidated Entities under programs of the federal government for the year ended June 30, 2022. 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 Four Oaks Family and Children’s Services and Consolidated Entities, it is not intended to and does not present the financial position, functional expenses, changes in net assets or cash flows of Four Oaks Family and Children’s Services and Consolidated Entities.
Title: Note 4. Restatement
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Four Oaks Family and Children’s Services and Consolidated Entities has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Organization had previously issued combined financial statements. Since Four Oaks is the sole member of Affordable Housing Network, Inc. (AHNI) the financial statements have been restated to be consolidated financial statements. There was no effect on total net assets or changes in net assets related to the financial statements. In addition to the above, the following items were corrected.
a. Previously included on the Schedule of Expenditures of Federal Awards was reference to American Recovery and Reinvestment Act (ARRA) related to Foster Care Title IV-E and Adoption Assistance. These references to ARRA have been removed.
b. On the previously issued Schedule of Expenditure of Federal Awards the Child Care and Development Block was not identified as a cluster. On the restated version Child Care Disaster Relief and Child Care Mandatory and Matching Funds of Child Care and Development Fund have been added as the CCDF cluster.