Notes to SEFA
Title: Note 1 - Summary of Significant Accounting Policies and Presentation
Accounting Policies: Basis of presentation - The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of YMCA of Greater Seattle (the Y or 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 Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Y, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Y. These amounts are included in the consolidated statement of activities in the consolidated financial statements, which also includes nonfederal government funding that is not reflected in the accompanying Schedule.
Accounting policies - Expenditures reported on the Schedule 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Both
Rate Explanation: The Y has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance to the extent allowed by each grant. On March 1, 2023, the Y was issued a provisional indirect cost rate of 23.60%, effective October 1, 2022 to December 31, 2024.
Basis of presentation - The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of YMCA of Greater Seattle (the Y or 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 Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Y, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Y. These amounts are included in the consolidated statement of activities in the consolidated financial statements, which also includes nonfederal government funding that is not reflected in the accompanying Schedule.
Accounting policies - Expenditures reported on the Schedule 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. Pass-through entity identifying numbers are presented where available.
Title: Note 2 – Indirect Cost Rate
Accounting Policies: Basis of presentation - The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of YMCA of Greater Seattle (the Y or 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 Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Y, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Y. These amounts are included in the consolidated statement of activities in the consolidated financial statements, which also includes nonfederal government funding that is not reflected in the accompanying Schedule.
Accounting policies - Expenditures reported on the Schedule 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Both
Rate Explanation: The Y has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance to the extent allowed by each grant. On March 1, 2023, the Y was issued a provisional indirect cost rate of 23.60%, effective October 1, 2022 to December 31, 2024.
The Y has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance to the extent allowed by each grant. On March 1, 2023, the Y was issued a provisional indirect cost rate of 23.60%, effective October 1, 2022 to December 31, 2024.