Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The Schedule of Expenditures of Federal Awards is a summary of the cash activity of the Organization's federal awards and does not present transactions that would be included in financial statements of the Organization presented on the accrual basis of accounting, as contemplated by accounting principles generally accepted in the United States of America.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use a flat de minimus rate of 10% of modified total direct costs for their indirect cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Boys & Girls Clubs of the Great Lakes Bay Region and the Boys & Girls Club of Bay County Foundation (collectively the "Organization"), 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 Award s (Uniform Guidance). 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: Reconciliation to Financial Statements
Accounting Policies: The Schedule of Expenditures of Federal Awards is a summary of the cash activity of the Organization's federal awards and does not present transactions that would be included in financial statements of the Organization presented on the accrual basis of accounting, as contemplated by accounting principles generally accepted in the United States of America.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use a flat de minimus rate of 10% of modified total direct costs for their indirect cost rate.
The federal grant revenues recorded in the financial statements agree to the federal revenues included on the Schedule of Expenditures of Federal Awards.