Notes to SEFA
Title: General
Accounting Policies: GAAP
De Minimis Rate Used: N
Rate Explanation: Indirect costs were determine as part of the Grant's approved budget.
The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of Project GO, Inc. and Affiliates under programs of the federal government for the year ended December 31, 2023. The information in this Schedule 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 (Uniform Guidance).
Title: Reporting Entity
Accounting Policies: GAAP
De Minimis Rate Used: N
Rate Explanation: Indirect costs were determine as part of the Grant's approved budget.
The Organization received federal awards passed through the State of California, Department of Community Services and Development. The total amount of such pass-through awards was included on the Schedule of Expenditures of Federal Awards.
Title: Basis of Presentation
Accounting Policies: GAAP
De Minimis Rate Used: N
Rate Explanation: Indirect costs were determine as part of the Grant's approved budget.
The accompanying schedule of expenditures of federal awards included all federal grants and contracts to the Organization that had activity during the year ended December 31, 2023. This schedule has been prepared on the accrual basis of accounting. Grant and contract revenues are recorded for financial reporting purposes when the Organization has met the qualifications for the respective grants and contracts.
Title: Reconciliation of Federal Grants to the Combining Schedule of Revenues and Expenses
Accounting Policies: GAAP
De Minimis Rate Used: N
Rate Explanation: Indirect costs were determine as part of the Grant's approved budget.
In the Combining Schedule of Revenues and Expenses, certain items are capitalized and allocated over their estimated useful lives in accordance with generally accepted accounting principles; however in the Schedule of Expenditures of Federal Awards, they are reported as expenditures as funds were received to pay for the capital purchases. For the year ended December 31, 2023, capital expenditures were as follows:
Title: Claims
Accounting Policies: GAAP
De Minimis Rate Used: N
Rate Explanation: Indirect costs were determine as part of the Grant's approved budget.
The Organization has received federal grants for specific purposes that are subject to review and audit by the Federal government. Although such audits could result in expenditure disallowances under the grant terms, any required reimbursements are not expected to be material.
Title: Indirect Costs
Accounting Policies: GAAP
De Minimis Rate Used: N
Rate Explanation: Indirect costs were determine as part of the Grant's approved budget.
The Organization has elected not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. Indirect costs were determined as part of the Grant's approved budget.