Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The significant accounting policies are reported on the accrual basis of accounting
De Minimis Rate Used: Y
Rate Explanation: CEN has elected to use the 10 percent deminimis indirect cost allowed under Uniform Guidance to the extent allowed under each grant
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Community Education Network Dba Village Leadership Academy 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 the Community Education Network Dba Village Leadership Academy, it is not intended to and does not present the financial position, changes in net assets or cash flow of Community Education Network Dba Village Leadership Academy. These amounts are included in the statement of activities in the basic financial statements, which also includes nonfederal government funding that is not reflected in the accompanying Schedule
Title: Summary of Significant Accounting Policies
Accounting Policies: The significant accounting policies are reported on the accrual basis of accounting
De Minimis Rate Used: Y
Rate Explanation: CEN has elected to use the 10 percent deminimis indirect cost allowed under Uniform Guidance to the extent allowed under each grant
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 reimbursement. Pass-through entity identifying numbers are presented where available
Title: Other Federal Assistance
Accounting Policies: The significant accounting policies are reported on the accrual basis of accounting
De Minimis Rate Used: Y
Rate Explanation: CEN has elected to use the 10 percent deminimis indirect cost allowed under Uniform Guidance to the extent allowed under each grant
During the year ended June 30, 2023, the organization did not receive any federal assistance such as noncash assistance, insurance, loans, or loan guarantees
Title: Amount Provided to Sub-recipients
Accounting Policies: The significant accounting policies are reported on the accrual basis of accounting
De Minimis Rate Used: Y
Rate Explanation: CEN has elected to use the 10 percent deminimis indirect cost allowed under Uniform Guidance to the extent allowed under each grant
Pursuant to Uniform Guidance, there was no amount provided to sub –recipients from federal programs
Title: Indirect Rate Cost
Accounting Policies: The significant accounting policies are reported on the accrual basis of accounting
De Minimis Rate Used: Y
Rate Explanation: CEN has elected to use the 10 percent deminimis indirect cost allowed under Uniform Guidance to the extent allowed under each grant
The Community Education Network Dba Village Leadership Academy has elected to use the 10 percent de minimis indirect cost allowed under the Uniform Guidance to the extent allowed by each grant. The organization does not have an approved indirect cost rate.