Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Challenger Center has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Instead, Challenger Center uses an indirect cost rate as approved in accordance with the authority in the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activity of Challenger Center under the programs of the federal government for the year ended December 31, 2023. The information in the SEFA 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 SEFA presents only a selected portion of the operations of Challenger Center, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of Challenger Center.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Challenger Center has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Instead, Challenger Center uses an indirect cost rate as approved in accordance with the authority in the Uniform Guidance.
Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Challenger Center has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Instead, Challenger Center uses an indirect cost rate as approved in accordance with the authority in the Uniform Guidance.
Challenger Center has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Instead, Challenger Center uses an indirect cost rate as approved in accordance with the authority in the Uniform Guidance.