Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards 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: Valley of the Sun Young Men’s Christian Association and Affiliates has not elected to use the ten percent de minimus indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Valley of the Sun Young Men’s Christian Association and Affiliates under programs of the federal government for the year ended December 31, 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 Valley of the Sun Young Men’s Christian Association and Affiliates, it is not intended to and does not present the consolidated financial position, changes in net assets or cash flows of Valley of the Sun Young Men’s Christian Association and Affiliates. Valley of the Sun Young Men’s Christian Association and Affiliates did not provide federal awards to sub-recipients during the year ended December 31, 2023.
Title: Loan Program
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards 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: Valley of the Sun Young Men’s Christian Association and Affiliates has not elected to use the ten percent de minimus indirect cost rate allowed under the Uniform Guidance.
Valley of the Sun Young Men’s Christian Association and Affiliates had the following loan balance outstanding at December 31, 2023. The loan balance outstanding at January 1, 2023 is also included in the federal expenditures presented in the Schedule of Expenditures of Federal Awards.
Federal Grantors/Program Assistance Listing Number Contract Number Value of Loan Outstanding U.S. Department of Housing and Urban Development: Pass through City of Phoenix - Community Development Block Grants/Entitlement Grants 14.218 129441 $93,268