Notes to SEFA
Title: Subrecipients
Accounting Policies: The accompanying schedules of expenditures of federal awards and expenditures of state awards include the federal and state grant activity of Hyacinth Foundation, Inc. (Foundation), and are presented on the accrual basis of accounting. The information in these schedules 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 and New Jersey Office of Management and Budget Circular Letter 15-08. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: Both
Rate Explanation: On January 20, 2017, the Foundations indirect cost rate agreement with the U.S. Department of Health and Human Services was approved. For the year ended June 30, 2022, this indirect cost rate of 41.90% for direct salaries is applicable to all federal and state grants, excluding Ryan White grants, as grant awards are renewed.
During the year ended June 30, 2022, the Foundation passed through $570,201 of federal funds and $471,500 of state funds to subrecipients as disclosed on the accompanying schedule of expenditures of federal and state awards.
Title: Loan and Loan Guarantee Programs
Accounting Policies: The accompanying schedules of expenditures of federal awards and expenditures of state awards include the federal and state grant activity of Hyacinth Foundation, Inc. (Foundation), and are presented on the accrual basis of accounting. The information in these schedules 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 and New Jersey Office of Management and Budget Circular Letter 15-08. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: Both
Rate Explanation: On January 20, 2017, the Foundations indirect cost rate agreement with the U.S. Department of Health and Human Services was approved. For the year ended June 30, 2022, this indirect cost rate of 41.90% for direct salaries is applicable to all federal and state grants, excluding Ryan White grants, as grant awards are renewed.
As of June 30, 2022, the Foundation did not have any federal or state loan or loan guarantees.