Notes to SEFA
Title: DONATED FACILITIES, GOODS AND SERVICES
Accounting Policies: ORGANIZATION: The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of all federal award programs of the Service Corps of Retired Executives Association (SCORE) for the year ended September 30, 2022. All federal awards received directly from federal agencies, as well as federal awards pass through other governmental agencies, are included on the Schedule. BASIS OF PRESENTATION: The accompanying schedule of expenditures of federal awards includes the federal grant activity of SCORE under program of the Federal government for the year ended September 30, 2022. 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) and the City of Philadelphia Subrecipient Audit Guide (COSAG). Because the Schedule presents only a selected portion of the operations of SCORE, it is not intended to and does not present the financial position or changes in net position of SCORE. Some amounts presented in this schedule may also differ from amounts presented in, or used in the preparation of, the basic financial statements. SUMMARY OF SIGNIFICANT 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 Title 2 U.S. Code of Federal Regulations Part 200, of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. SCORE has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate since the auditee did not claim any indirect costs.
The donated use of buildings or other facilities are reflected in the financial statements as revenue and expense at the fair market value of facilities that SCORE would otherwise rent if the contributed facilities were not available. The fair value of the in-kind contributions from the SBA was $134,000 for the National office and $1,462,101 for space donated to the Chapters for 2022 and is included in the accompanying schedule of expenditures of federal awards.
Title: RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: ORGANIZATION: The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of all federal award programs of the Service Corps of Retired Executives Association (SCORE) for the year ended September 30, 2022. All federal awards received directly from federal agencies, as well as federal awards pass through other governmental agencies, are included on the Schedule. BASIS OF PRESENTATION: The accompanying schedule of expenditures of federal awards includes the federal grant activity of SCORE under program of the Federal government for the year ended September 30, 2022. 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) and the City of Philadelphia Subrecipient Audit Guide (COSAG). Because the Schedule presents only a selected portion of the operations of SCORE, it is not intended to and does not present the financial position or changes in net position of SCORE. Some amounts presented in this schedule may also differ from amounts presented in, or used in the preparation of, the basic financial statements. SUMMARY OF SIGNIFICANT 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 Title 2 U.S. Code of Federal Regulations Part 200, of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. SCORE has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate since the auditee did not claim any indirect costs.
Federal, state and city awards expenditures are reported on the statement of functional expenses as program services. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the schedule of federal, state and city awards due to program expenditures exceeding grant or contract budget limitations which are not included as federal, state and city awards.