Notes to SEFA
Title: NOTE A - FISCAL PERIOD AUDITED
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (SEFA) has been prepared on the accrual basis of accounting. Grant revenues are recorded for financial reporting purposes when the Center has met the qualifications for the respective grants. Costs incurred in programs partially funded by federal grants are applied against federal grant funds to the extent of revenue available when they are properly applied to the grant.
De Minimis Rate Used: N
Rate Explanation: N/A
Single audit testing procedures were performed for program transactions occurring during the year ended December 31, 2023. Federal financial assistance expenditures during the year did meet the criteria set forth in the Single Audit Act and Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principle, and Audit Requirements for Federal Awards (Uniform Guidance). Grant terms are indicated in the Schedule of Expenditures of Federal Awards.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - 1. BASIS OF PRESENTATION
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (SEFA) has been prepared on the accrual basis of accounting. Grant revenues are recorded for financial reporting purposes when the Center has met the qualifications for the respective grants. Costs incurred in programs partially funded by federal grants are applied against federal grant funds to the extent of revenue available when they are properly applied to the grant.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying Schedule of Expenditures of Federal Awards (SEFA) has been prepared on the accrual basis of accounting. Grant revenues are recorded for financial reporting purposes when the Center has met the qualifications for the respective grants. Costs incurred in programs partially funded by federal grants are applied against federal grant funds to the extent of revenue available when they are properly applied to the grant.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - 2 - INDIRECT COST RATE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (SEFA) has been prepared on the accrual basis of accounting. Grant revenues are recorded for financial reporting purposes when the Center has met the qualifications for the respective grants. Costs incurred in programs partially funded by federal grants are applied against federal grant funds to the extent of revenue available when they are properly applied to the grant.
De Minimis Rate Used: N
Rate Explanation: N/A
The Center has not elected to use the 10 percent de minimis indirect cost rate.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - 3 EXPENDITURES OF AMOUNTS INCURRED IN PRIOR YEARS, REVENUES RECEIVED IN 2023
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (SEFA) has been prepared on the accrual basis of accounting. Grant revenues are recorded for financial reporting purposes when the Center has met the qualifications for the respective grants. Costs incurred in programs partially funded by federal grants are applied against federal grant funds to the extent of revenue available when they are properly applied to the grant.
De Minimis Rate Used: N
Rate Explanation: N/A
During the year 2023, the Center received FEMA reimbursements for Hurricane Katrina and Hurricane Ida. These federal awards under CFDA 97.036 relate to expenditures reported in a prior year(s) and not reflected on the Schedule of Expenditures of Federal Awards for the year ended December 31, 2023.During the year 2023, the center received Covid 19 FEMA reimbursement of $508,979. These federal awards under CFDA 97.036 relate to expenditures reported in a prior year(s) and not reflected on the Schedule of Expenditures of Federal Awards for the year ended December 31, 2023.