Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Indirect cost rates are only applied for some grants and are based solely on allowable rates established with the grantor; communicated to the District in the associated grant agreement.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of TrueNorth Community Services and Center for Nonprofit Housing under program 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 for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of TrueNorth Community Services and Center for Nonprofit Housing, it is not intended to and does not present the financial position, changes in net assets, or cash flows of TrueNorth Community Services and Center for Nonprofit Housing.
Title: Note D - Grant Section Auditor Report
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Indirect cost rates are only applied for some grants and are based solely on allowable rates established with the grantor; communicated to the District in the associated grant agreement.
Management has utilized the MDE NexSys Grant System and the Grant Auditor Report (GAR) in preparing the Schedule of Expenditures of Federal Awards.
Title: Note E - Federal Income Reconciliation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Indirect cost rates are only applied for some grants and are based solely on allowable rates established with the grantor; communicated to the District in the associated grant agreement.
“See the Notes to the SEFA for chart/table”