Notes to SEFA
Title: Note 1: Basis of Presentation
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. The BGCPueblo has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. During the year ended December 31, 2023, the BGC Pueblo did not provide any federal awards to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of Boys and Girls Clubs of Pueblo County (the BGCPueblo) under programs for 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 BGCPueblo, it is not intended to and does not present the financial position, changes in net position, or cash flows of the BGCPueblo.
Title: Note 2: Summary of Significant Accounting Policies
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. The BGCPueblo has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. During the year ended December 31, 2023, the BGC Pueblo did not provide any federal awards to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
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. The BGCPueblo has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. During the year ended December 31, 2023, the BGC Pueblo did not provide any federal awards to subrecipients.