Notes to SEFA
Title: Note A – Basis of Presentation
Accounting Policies: Expenditures reported in 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: Boys & Girls Clubs of St. Lucie County, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Boys & Girls Clubs of St. Lucie County, Inc. and is presented on the accrual basis of accounting. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: Note B – Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported in 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: Boys & Girls Clubs of St. Lucie County, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported in 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.
Title: Note C – De Minimis Indirect Cost Rate
Accounting Policies: Expenditures reported in 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: Boys & Girls Clubs of St. Lucie County, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Boys & Girls Clubs of St. Lucie County, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note D – Contingency
Accounting Policies: Expenditures reported in 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: Boys & Girls Clubs of St. Lucie County, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Amounts received or receivable from grantor agencies are subject to audit and adjustment by those agencies. Any disallowed claims, including amounts already received, might constitute a liability of Boys & Girls Clubs of St. Lucie County, Inc. for the return of those funds.