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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Grants passed through the School District either did not allow, or prescribed a rate less than 10%. Other grants were spent 100% on direct costs so no indirect costs were charged.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of The Young Men's Christian Association of Florida's First Coast, Inc. and Affiliate (a not-for-profit organization) (the "Association") under programs of the federal government for the year ended September 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U>S. Code of Federal Regulations (CFR) 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 Association, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Association. Therefore, some amounts presented in the Schedule may differ from amounts presented in the financial statements.
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Grants passed through the School District either did not allow, or prescribed a rate less than 10%. Other grants were spent 100% on direct costs so no indirect costs were charged.
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: 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: Grants passed through the School District either did not allow, or prescribed a rate less than 10%. Other grants were spent 100% on direct costs so no indirect costs were charged.
The Association has elected not to use the 10% de minimus cost rate allowed under Uniform Guidance.