Notes to SEFA
Accounting Policies: BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of Fordham Bedford Community Services, Inc. for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of the Office of Management and Budget Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. SUMMARY OF SIGNIFICANT 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 as to reimbursement. Certain capitalized property and equipment is included in expenditures on the Schedule.
3. INDIRECT COST RATE
The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Both
Rate Explanation: The Organization elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance for the Education Stabilization Fund (AL #84.425D). The Organization did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance for the Child and Adult Care Food Program (AL #10.588).