Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: BASIS OF PRESENTATION
De Minimis Rate Used: N
Rate Explanation: THE YMCA HAS ELECTED NOT TO USE THE DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.
THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS INCLUDES THE FEDERAL GRANT ACTIVITY OF THE YMCA OF METROPOLITAN CHATTANOOGA. THE INFORMATION IN THIS SCHEDULE IS PRESENTED IN ACCORDANCE WITH THE REQUIREMENTS OF TITLE 2 US 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: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: BASIS OF PRESENTATION
De Minimis Rate Used: N
Rate Explanation: THE YMCA HAS ELECTED NOT TO USE THE DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.
EXPENDITURES REPORTED ON THE SEFA 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 LIMITED TO REIMBURSEMENT. THE YMCA HAS ELECTED NOT TO USE THE 10% DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.