Notes to SEFA
Title: 1. BASIS OF PRESENTATION
Accounting Policies: The basis of accounting determines when transactions are reported in NAICA’s basic financial statements. 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.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
For purposes of complying with the Federal Single Audit Act of 1984, as amended by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), the accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of all federal awards of Neighborhood Association for Inter-Cultural Affairs, Inc. (“NAICA” or the “Organization”) under programs of the federal government for the year ended June 30, 2023. 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 assets, or cash flows of the Organization.
Title: 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The basis of accounting determines when transactions are reported in NAICA’s basic financial statements. 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.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The basis of accounting determines when transactions are reported in NAICA’s basic financial statements. 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.
Title: 3. INDIRECT COST RATE
Accounting Policies: The basis of accounting determines when transactions are reported in NAICA’s basic financial statements. 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.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance