Notes to SEFA
Title: Program Costs
Accounting Policies: The schedule of expenditures of federal awards presents the activity of federal award programs administered by PorchLight, which is described in Note 1 to the Organization’s accompanying financial statements, using the accrual basis of accounting. Federal awards that are included in the schedule may be received directly from federal agencies, as well as federal awards that are passed through from other government agencies. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from the amounts presented in, or used in the preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of PorchLight, it is not intended to and does not present the financial position, changes in net assets, or cash flows of PorchLight.
De Minimis Rate Used: N
Rate Explanation: PorchLight has not elected to use the 10% de minimis indirect cost rate.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including PorchLight’s portion, may be more than shown. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Subrecipients
Accounting Policies: The schedule of expenditures of federal awards presents the activity of federal award programs administered by PorchLight, which is described in Note 1 to the Organization’s accompanying financial statements, using the accrual basis of accounting. Federal awards that are included in the schedule may be received directly from federal agencies, as well as federal awards that are passed through from other government agencies. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from the amounts presented in, or used in the preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of PorchLight, it is not intended to and does not present the financial position, changes in net assets, or cash flows of PorchLight.
De Minimis Rate Used: N
Rate Explanation: PorchLight has not elected to use the 10% de minimis indirect cost rate.
No federal awards were passed through to subrecipients during the year 2023.