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 in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying
numbers are presented where available
De Minimis Rate Used: N
Rate Explanation: EPIC elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Negotiated rate per award agreement is 9.2%
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award
activity of Enterprise for Progress in the Community (EPIC) 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 EPIC, it is not intended to and does not
present the financial position, changes in net assets, or cash flows of EPIC.