Notes to SEFA
Title: Summary of Certain Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of federal award programs administered by Social Enterprise and Training Center, Inc., which is described in Note 1 to the Center’s general purpose financial statements, using the accrual basis of accounting. Federal awards that are included in the schedule may be received directly from federal agencies, as well as federal awards that are passed through from other government agencies. The information is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Social Enterprise and Training Center, Inc. has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards presents the activity of federal award programs administered by Social Enterprise and Training Center, Inc., which is described in Note 1 to the Center’s general purpose financial statements, using the accrual basis of accounting. Federal awards that are included in the schedule may be received directly from federal agencies, as well as federal awards that are passed through from other government agencies. The information is presented in accordance with the requirements of the Uniform Guidance.
Title: Scope of The Audit Pursuant to the Uniform Guidance
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of federal award programs administered by Social Enterprise and Training Center, Inc., which is described in Note 1 to the Center’s general purpose financial statements, using the accrual basis of accounting. Federal awards that are included in the schedule may be received directly from federal agencies, as well as federal awards that are passed through from other government agencies. The information is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Social Enterprise and Training Center, Inc. has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Social Enterprise and Training Center, Inc. is a tax-exempt organization. All federal grant operations of the Center are included in the scope of the Single Audit.
Title: Subrecipients/Loan or Loan Guarantees
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of federal award programs administered by Social Enterprise and Training Center, Inc., which is described in Note 1 to the Center’s general purpose financial statements, using the accrual basis of accounting. Federal awards that are included in the schedule may be received directly from federal agencies, as well as federal awards that are passed through from other government agencies. The information is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Social Enterprise and Training Center, Inc. has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
No amounts were provided to subrecipients and there were no loans or loan guarantees at December 31, 2022.
Title: Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of federal award programs administered by Social Enterprise and Training Center, Inc., which is described in Note 1 to the Center’s general purpose financial statements, using the accrual basis of accounting. Federal awards that are included in the schedule may be received directly from federal agencies, as well as federal awards that are passed through from other government agencies. The information is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Social Enterprise and Training Center, Inc. has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Social Enterprise and Training Center, Inc. has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.