Notes to SEFA
Title: Basis Of Accounting
Accounting Policies: General Information The accompanying schedules of expenditures of federal awards and state financial assistance (the "Schedules") present the activities in the federal and state awards programs of Ironbound Community Corporation for the year ended August 31, 2023. All financial assistance received directly from federal and state agencies as well as financial awards passed through other governmental agencies or nonprofit organizations are included in the Schedules. The information in the Schedules 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") and State of New Jersey, Department of the Treasury, OMB Policy Circular 15-08-OMB ("NJ Circular 15-08-OMB"). Because the Schedules present only a selected portion of the operations of Ironbound Community Corporation, they are not intended to and do not present the financial position, changes in net assets, or cash flows of the Ironbound Community Corporation.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate The Organization has not made an election pursuant to 2 CFR Part 200 Uniform Administrative Requiremnts, Cost Principles, and Audit Requirements of Federal Awards to receive a 10% de minimis indirect cost rate nor does it have a federally negotiated indirected cost rate.
The accompanying schedules of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. The amounts reported in these Schedules as expenditures may differ from certtain financial reports submitted to federal and sate funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
Title: Relationship to Basic Financial Statements
Accounting Policies: General Information The accompanying schedules of expenditures of federal awards and state financial assistance (the "Schedules") present the activities in the federal and state awards programs of Ironbound Community Corporation for the year ended August 31, 2023. All financial assistance received directly from federal and state agencies as well as financial awards passed through other governmental agencies or nonprofit organizations are included in the Schedules. The information in the Schedules 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") and State of New Jersey, Department of the Treasury, OMB Policy Circular 15-08-OMB ("NJ Circular 15-08-OMB"). Because the Schedules present only a selected portion of the operations of Ironbound Community Corporation, they are not intended to and do not present the financial position, changes in net assets, or cash flows of the Ironbound Community Corporation.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate The Organization has not made an election pursuant to 2 CFR Part 200 Uniform Administrative Requiremnts, Cost Principles, and Audit Requirements of Federal Awards to receive a 10% de minimis indirect cost rate nor does it have a federally negotiated indirected cost rate.
Federal and state award expenditures are reported on the statements of functional expenses as program services. In certain programs, the expneditures reported in the basic financial statements may differ from the expenditures reported in the schedule of expenditures of federal awards and state financial assistance due to program expenditures exceeding grant or contract budget limitations, agency matching, or capitalization policies required under acconting principles generally accepted in the United States.