Notes to SEFA
Title: Relationship to Federal Financial Reports
Accounting Policies: (a) Reporting Entity
The Schedule of Expenditures of Federal Awards (the “Schedule”) includes the activity of all federal programs administered by Homeward Bound, Inc. (the “Organization”). The Organization is defined in Note 1 of the basic financial statements.
(b) Basis of Presentation
The Schedule presents total federal awards expended for each individual program in accordance with the Uniform Guidance.
(c) Basis of Accounting
The expenditures for each of the federal financial assistance programs are presented on the accrual basis of accounting, which is defined in Note 1 of the Organization’s basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Organization is subject to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The amounts reported in the financial reports agree with the amounts reported in the accompanying Schedule which is prepared on the basis explained in Note 1 of the Organization’s financial statements.