Notes to SEFA
Title: Note 1 - Basis of Preparation
Accounting Policies: The information in the 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) as codified by HHS at 45 CFR Part 75
De Minimis Rate Used: N
Rate Explanation: Construction grants, no indirect costs
The accompanying Schedule of Expenditures of Federal and State Awards (the Schedule) includes the federal grant activity of The Crossroads Campus (the Organization) under programs of the federal government passed through from the State of Tennessee for the year ended December 31, 2023. The information in the 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) as codified by HHS at 45 CFR Part 75 . Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: Note 2 - Summary of Significant Accounting Policies For Federal Expenditures
Accounting Policies: The information in the 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) as codified by HHS at 45 CFR Part 75
De Minimis Rate Used: N
Rate Explanation: Construction grants, no indirect costs
For purposes of the Schedule, expenditures for federal programs are recognized 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. The Organization did not expend any federal awards during 2023 in the form of non-cash assistance or provide any funds to subrecipients. The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 3 - Contingencies
Accounting Policies: The information in the 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) as codified by HHS at 45 CFR Part 75
De Minimis Rate Used: N
Rate Explanation: Construction grants, no indirect costs
These programs are subject to financial and compliance audits by grantor agencies. The amount, if any, of expenditures that may be disallowed by the grantor agencies cannot be determined at this time, although the Organization expects such amounts, if any, to be immaterial.