Notes to SEFA
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recorded when the liabilities are incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee used the indirect cost rate approved by the pass-through entity.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal
award activity of Child Care Resource Center, Inc., under programs of the federal government for the year
ended September 30, 2021. 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). Because the Schedule
presents only a selected portion of the operations of Child Care Resource Center, Inc., it is not intended to
and does not present the financial position, changes in net position, or cash flows of the Child Care Resource
Center, Inc.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recorded when the liabilities are incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee used the indirect cost rate approved by the pass-through entity.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such
expenditures are recorded when the liabilities are incurred.
Title: NOTE 3 - INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recorded when the liabilities are incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee used the indirect cost rate approved by the pass-through entity.
The Child Care Resource Center, Inc., has elected not to use the 10-percent de-minimis indirect cost rate
allowed under the Uniform Guidance.