Notes to SEFA
Title: NOTE 3- 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, wherin certain types of expenditures are not allowable or are limited as to reimbursement. The cost principles are applied based on the period of expenditures.
De Minimis Rate Used: N
Rate Explanation: The Boys & Girls Club of the Gulf Coast, Inc. has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (Schedule) is included in the federal award activity of Boys & Girls Clubs of the Gulf Coast, Inc. under programs of the federal government for the year ended September 30, 2023. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulation Part 200, Uniform Administrative Requirments, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Boys & Girls Clubs of the Gulf Coast, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Boys & Girls Clubs of the Gulf Coast, Inc.