Notes to SEFA
Accounting Policies: 1. Basis of PresentationThe accompanying schedule of expenditures of federal awards (SEFA) includes thefederal award activity of Friendship Place under the programs of the federal governmentfor the year ended September 30, 2022. The information in the SEFA is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Because the SEFA presents only a selectedportion of the operations of Friendship Place, it is not intended to, and does not, presentthe financial position, changes in net assets, or cash flows of Friendship Place.2. Summary of Significant Accounting PoliciesExpenditures reported in the SEFA are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the UniformGuidance, wherein
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.