Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on 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.
De Minimis Rate Used: N
Rate Explanation: The indirect rate calculation has been prepared in accordance with accounting principles generally accepted in the United States and the Uniform Guidance. SOI did not elect to use the 10% de minimis cost rate as allowed under the Uniform Guidance. SOI utilizes a negotiated rate under their approved negotiated indirect cost rate agreement.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Special Olympics, Inc. (SOI) 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 SOI, it is not intended to and does not present the financial position, changes in net assets, or cash flows of SOI.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on 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.
De Minimis Rate Used: N
Rate Explanation: The indirect rate calculation has been prepared in accordance with accounting principles generally accepted in the United States and the Uniform Guidance. SOI did not elect to use the 10% de minimis cost rate as allowed under the Uniform Guidance. SOI utilizes a negotiated rate under their approved negotiated indirect cost rate agreement.
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.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on 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.
De Minimis Rate Used: N
Rate Explanation: The indirect rate calculation has been prepared in accordance with accounting principles generally accepted in the United States and the Uniform Guidance. SOI did not elect to use the 10% de minimis cost rate as allowed under the Uniform Guidance. SOI utilizes a negotiated rate under their approved negotiated indirect cost rate agreement.
The indirect rate calculation has been prepared in accordance with accounting principles generally accepted in the United States and the Uniform Guidance. SOI did not elect to use the 10% de minimis cost rate as allowed under the Uniform Guidance.