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 Organization’s summary of significant accounting policies is presented in Note 2 to the Basic Financial Statements.
De Minimis Rate Used: N
Rate Explanation: For purposes of charging indirect costs to federal awards, the Organization has not elected to use the 10% de minimis cost rate as permitted by §200.414 of the Uniform Guidance.
The Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of the State Alliance of Michigan YMCAs (the “Organization”) under programs of 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 Organization, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Organization.
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 Organization’s summary of significant accounting policies is presented in Note 2 to the Basic Financial Statements.
De Minimis Rate Used: N
Rate Explanation: For purposes of charging indirect costs to federal awards, the Organization has not elected to use the 10% de minimis cost rate as permitted by §200.414 of the Uniform Guidance.
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 Organization’s summary of significant accounting policies is presented in Note 2 to the Basic Financial Statements.
Title: Note 3 - Indirect Cost Rate
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 Organization’s summary of significant accounting policies is presented in Note 2 to the Basic Financial Statements.
De Minimis Rate Used: N
Rate Explanation: For purposes of charging indirect costs to federal awards, the Organization has not elected to use the 10% de minimis cost rate as permitted by §200.414 of the Uniform Guidance.
For purposes of charging indirect costs to federal awards, the Organization has not elected to use the 10% de minimis cost rate as permitted by §200.414 of the Uniform Guidance.
Title: Note 4 - Reconciliation to Basic Financial Statements
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 Organization’s summary of significant accounting policies is presented in Note 2 to the Basic Financial Statements.
De Minimis Rate Used: N
Rate Explanation: For purposes of charging indirect costs to federal awards, the Organization has not elected to use the 10% de minimis cost rate as permitted by §200.414 of the Uniform Guidance.
See page 19 of the .pdf for a reconciliation of the federal expenditures reported on the Schedule to grant revenues reported in the financial statements.