Notes to SEFA
Title: General Information
Accounting Policies: Basis of Accounting The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal funding agencies due to thise reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost The Organization does not have a federally negotiated indirect cost rate and has not elected to use the 10% de minimis cost rate as covered in section 222.414 in the Uniform Guidance.
The accompanying schedule of expenditures of federal awards presents the activities in all the federal awards programs of Day One New York, Inc. All federal awards received directly from federal agencies as well as Federal Awards passed through other governmental agencies or nonprofit organization are included on the schedule.
Title: Relationship To Basic Financial Statemements
Accounting Policies: Basis of Accounting The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal funding agencies due to thise reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost The Organization does not have a federally negotiated indirect cost rate and has not elected to use the 10% de minimis cost rate as covered in section 222.414 in the Uniform Guidance.
Federal program expenditures are reported on the statements of activites and statements of functional expenses. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the schedule of expenditures of federal awards due to program expenditures exceeding grant or contract budget limitations or Organization matching or in-kind contributions which are not included as federal awards.