Notes to SEFA
Title: NOTE 1: 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 the Uniform Guidance
wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The schedule of expenditures of federal awards (the Schedule) includes the federal award activity
of Child Care Professionals Network under programs 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 (CFR), Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Because the Schedule presented only a selected portion of the operations of Child Care
Professionals Network, it is not intended to and does not present the financial position, change in
net assets, or cash flows of Child Care Professionals Network.
Title: NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 the Uniform Guidance
wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance
wherein certain types of expenditures are not allowable or are limited to reimbursement.
Title: NOTE 3: INDIRECT COST RATE
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 the Uniform Guidance
wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Child Care Professionals Network has elected not to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.