Notes to SEFA
Title: Note 1- General
Accounting Policies: The accompanying Schedule is presented on the accrual basis of accounting, whereby government grants are recognized when earned and expenses are recognized when incurred, which is described in Note 1 to the Association’s basic financial statements. The information in this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Association did not elect to use the 10% de minimus cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) presents the activity of all Federal assistance programs of the Young Men’s Christian Association of Greater Richmond (the “Association”).
Title: Note 4- Subrecipients
Accounting Policies: The accompanying Schedule is presented on the accrual basis of accounting, whereby government grants are recognized when earned and expenses are recognized when incurred, which is described in Note 1 to the Association’s basic financial statements. The information in this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Association did not elect to use the 10% de minimus cost rate.
The Association has not contracted or made awards to any subrecipients.