Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards is prepared on
the accrual basis of accounting. Allowability is determined according to the principles contained in
Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Under those cost
principles, certain expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The organization allocates its expenses among its various programs in accordance with applicable
laws, regulations, contracts, and grants. Expenses that can be identified with specific programs are
allocated directly according to their natural expenditure classification. Joint costs are allocated based
on various identifiable bases. Indirect expenses are recorded and then allocated based on a rate
relative to salaries or other direct costs, in accordance with specifications outlined in each program’s
grant document. For the year ended December 31, 2023, CAFY has elected to use the 10-percent de
minimus indirect cost rate allowed under Uniform Guidance.
Basis of Accounting - The accompanying schedule of expenditures of federal awards is prepared on the accrual basis of accounting. Allowability is determined according to the principles contained in
Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Under those cost principles, certain expenditures are not allowable or are limited as to reimbursement.
Title: SCOPE OF AUDIT PURSUANT TO THE UNIFORM GUIDANCE
Accounting Policies: The accompanying schedule of expenditures of federal awards is prepared on
the accrual basis of accounting. Allowability is determined according to the principles contained in
Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Under those cost
principles, certain expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The organization allocates its expenses among its various programs in accordance with applicable
laws, regulations, contracts, and grants. Expenses that can be identified with specific programs are
allocated directly according to their natural expenditure classification. Joint costs are allocated based
on various identifiable bases. Indirect expenses are recorded and then allocated based on a rate
relative to salaries or other direct costs, in accordance with specifications outlined in each program’s
grant document. For the year ended December 31, 2023, CAFY has elected to use the 10-percent de
minimus indirect cost rate allowed under Uniform Guidance.
The Uniform Guidance audit was performed for the year ended December 31, 2023. All federal awards received by CAFY directly or indirectly have been included in the schedule of federal awards
and are within the scope of the audit pursuant to the Uniform Guidance.
Title: COST ALLOCATION
Accounting Policies: The accompanying schedule of expenditures of federal awards is prepared on
the accrual basis of accounting. Allowability is determined according to the principles contained in
Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Under those cost
principles, certain expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The organization allocates its expenses among its various programs in accordance with applicable
laws, regulations, contracts, and grants. Expenses that can be identified with specific programs are
allocated directly according to their natural expenditure classification. Joint costs are allocated based
on various identifiable bases. Indirect expenses are recorded and then allocated based on a rate
relative to salaries or other direct costs, in accordance with specifications outlined in each program’s
grant document. For the year ended December 31, 2023, CAFY has elected to use the 10-percent de
minimus indirect cost rate allowed under Uniform Guidance.
The organization allocates its expenses among its various programs in accordance with applicable laws, regulations, contracts, and grants. Expenses that can be identified with specific programs are allocated directly according to their natural expenditure classification. Joint costs are allocated based on various identifiable bases. Indirect expenses are recorded and then allocated based on a rate relative to salaries or other direct costs, in accordance with specifications outlined in each program’s
grant document. For the year ended December 31, 2023, CAFY has elected to use the 10-percent de minimus indirect cost rate allowed under Uniform Guidance.
Title: COMMITMENTS AND CONTINGENCIES
Accounting Policies: The accompanying schedule of expenditures of federal awards is prepared on
the accrual basis of accounting. Allowability is determined according to the principles contained in
Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Under those cost
principles, certain expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The organization allocates its expenses among its various programs in accordance with applicable
laws, regulations, contracts, and grants. Expenses that can be identified with specific programs are
allocated directly according to their natural expenditure classification. Joint costs are allocated based
on various identifiable bases. Indirect expenses are recorded and then allocated based on a rate
relative to salaries or other direct costs, in accordance with specifications outlined in each program’s
grant document. For the year ended December 31, 2023, CAFY has elected to use the 10-percent de
minimus indirect cost rate allowed under Uniform Guidance.
Federal grants received by CAFY are subject to review and audit by grantor agencies. CAFY’s management believes that the results of such audits will not have a material effect on the schedule of expenditures of federal awards.