Notes to SEFA
Accounting Policies: Basis of Presentation The accompanying schedule of federal awards (the Schedule) includes federal grant activity of Advance Child Care- ARTS, Inc. under programs of the federal government for the year ended December 31,2023. The information in this Schedule is presented in accordance with the requirments of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requiremets for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operation of Advance Child Care-ARTS,Inc. it is not intended to and does not present the financial position, changes in net assets, or cash flows of Advance Child Care-ARTS, Inc. Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the cash basis of accounting and, accordingly, represent the total cash expended for the program. The schedule does not include transactions that might be included using the accrual basis of accounting as contemplated by generally accepted accounting principles. Pass-through entity identifying numbers are presented where available. Subrecipients The Organization did not provide federal awards to subrecipients. Indirect Cost Rate Advance Child Care-ARTS, Inc. has elected not to use 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.