Notes to SEFA
Title: Basis of presentation:
Accounting Policies: Expenditures reported on the schedule of expenditures of Federal awards 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: N
Rate Explanation: SourcePoint has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The schedule of expenditures of Federal awards includes the Federal grant activity of SourcePoint under programs of the Federal government for the year ended December 31, 2023. The information in the schedule of expenditures of Federal awards is presented in accordance with the requirements of Title 2 U.S. Code of Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule of expenditures of Federal awards presents only a selected portion of the operations of SourcePoint, it is not intended to and does not present the financial position, changes in net assets, or cash flows of SourcePoint.
Title: Matching fund requirement:
Accounting Policies: Expenditures reported on the schedule of expenditures of Federal awards 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: N
Rate Explanation: SourcePoint has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
In accordance with the Title III B and Title III C programs SourcePoint was required to obtain matching contributions totaling $61,331. SourcePoint exceeded the required matching fund requirement.
Title: Non-cash assistance:
Accounting Policies: Expenditures reported on the schedule of expenditures of Federal awards 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: N
Rate Explanation: SourcePoint has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
SourcePoint did not receive any donations of personal protective equipment.