Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: In preparing the Schedule of Expenditures of Federal Awards (SEFA), we use the following significant accounting policies:
1. Basis of Accounting: SEFA is prepared using the accrual basis of accounting (where revenues and expenses are recognized when they occur, regardless of when cash transactions happen).
2. Federal Program Identification: Awards are identified and categorized, including how program titles and numbers are assigned during the kick-off meetings (KOMs).
3. Cost Allocation: is used to allocate costs between federal programs and other sources. This includes the approved indirect cost rate, which is 20% of total direct costs.
4. Eligibility and Compliance: We make sure of the eligibility requirements for federal awards and ensure the compliance with those requirements.
5. Expenditures Recognition: Through the project implementation, we recognize and reconcile the expenditures and book them into the accounting system (SAGE 100).
De Minimis Rate Used: N
Rate Explanation: We have an approval indirect agreement from a federal agency. It is 20% of total directly costs.
The above schedule of expenditures of federal awards includes the federal grant activity of the Boat People SOS, Inc. and is presented on the accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Uniform Guidance, Audits of States, Local Governments, and Non_x0002_Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the financial statements
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: In preparing the Schedule of Expenditures of Federal Awards (SEFA), we use the following significant accounting policies:
1. Basis of Accounting: SEFA is prepared using the accrual basis of accounting (where revenues and expenses are recognized when they occur, regardless of when cash transactions happen).
2. Federal Program Identification: Awards are identified and categorized, including how program titles and numbers are assigned during the kick-off meetings (KOMs).
3. Cost Allocation: is used to allocate costs between federal programs and other sources. This includes the approved indirect cost rate, which is 20% of total direct costs.
4. Eligibility and Compliance: We make sure of the eligibility requirements for federal awards and ensure the compliance with those requirements.
5. Expenditures Recognition: Through the project implementation, we recognize and reconcile the expenditures and book them into the accounting system (SAGE 100).
De Minimis Rate Used: N
Rate Explanation: We have an approval indirect agreement from a federal agency. It is 20% of total directly costs.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contaied in the Uniform Guidance, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbusrements. Pass-through amounts, programs, agencies and entity identifying members are presented where available.
Title: NOTE 3 - SUBRECIPIENTS
Accounting Policies: In preparing the Schedule of Expenditures of Federal Awards (SEFA), we use the following significant accounting policies:
1. Basis of Accounting: SEFA is prepared using the accrual basis of accounting (where revenues and expenses are recognized when they occur, regardless of when cash transactions happen).
2. Federal Program Identification: Awards are identified and categorized, including how program titles and numbers are assigned during the kick-off meetings (KOMs).
3. Cost Allocation: is used to allocate costs between federal programs and other sources. This includes the approved indirect cost rate, which is 20% of total direct costs.
4. Eligibility and Compliance: We make sure of the eligibility requirements for federal awards and ensure the compliance with those requirements.
5. Expenditures Recognition: Through the project implementation, we recognize and reconcile the expenditures and book them into the accounting system (SAGE 100).
De Minimis Rate Used: N
Rate Explanation: We have an approval indirect agreement from a federal agency. It is 20% of total directly costs.
During the year ended December 31, 2023, the Organization had no subreceipients.
Title: NOTE 4 - INDRECT COST RATE
Accounting Policies: In preparing the Schedule of Expenditures of Federal Awards (SEFA), we use the following significant accounting policies:
1. Basis of Accounting: SEFA is prepared using the accrual basis of accounting (where revenues and expenses are recognized when they occur, regardless of when cash transactions happen).
2. Federal Program Identification: Awards are identified and categorized, including how program titles and numbers are assigned during the kick-off meetings (KOMs).
3. Cost Allocation: is used to allocate costs between federal programs and other sources. This includes the approved indirect cost rate, which is 20% of total direct costs.
4. Eligibility and Compliance: We make sure of the eligibility requirements for federal awards and ensure the compliance with those requirements.
5. Expenditures Recognition: Through the project implementation, we recognize and reconcile the expenditures and book them into the accounting system (SAGE 100).
De Minimis Rate Used: N
Rate Explanation: We have an approval indirect agreement from a federal agency. It is 20% of total directly costs.
During the year ended December 31, 2023 and 2022, the Organization had indirect cost rates of 20% and 20%, respectively, of total direct costs. These rates were approved by its cognizant agency and a new rate, 20% of total directy costs was approved for year end December 31, 2023.