Notes to SEFA
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The information is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”).
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
Basis of Presentation – The accompanying schedule of expenditures of federal awards presents the activity
of all federal awards programs administered by EPIC – Every Person Influences Children, Inc. (the
“Organization”). Federal awards received directly from federal agencies are included on the schedule of
expenditures of federal awards.
Basis of Accounting – The information is presented on the accrual basis of accounting. The information in
this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations
(CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards (“Uniform Guidance”).
Relationship to Basic Financial Statements – Federal award expenditures are reported on the statement of
functional expenses as program services and any related allowable general and administrative expenses
under the category of management and general expenses. In certain programs, the expenditures reported in
the financial statements may differ from the expenditures reported in the schedule of expenditures of federal
awards due to program expenditures exceeding grant or contract budget limitations, matching or
contributions of nonfinancial assets or capitalization policies required under accounting principles generally
accepted in the United States of America.
Indirect Costs – The Organization has elected to use the 10 percent de minimis indirect cost rate as allowed
under Uniform Guidance.