Notes to SEFA
Title: NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Basis of presentation – The schedule of expenditures of federal awards is prepared on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U. S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal expenditures include allowable costs funded by federal grants. Allowable costs are subject to the cost principles of the Uniform Guidance and include costs that are recognized as expenses in Boys & Girls Club’s financial statements in conformity with generally accepted accounting principles. Boys & Girls Club does not use the 10% de minimis rate and does not charge indirect costs to the federal awards. Boys & Girls Club does not have any subrecipients. Because the schedule presents only a selected portion of the operations of Boys & Girls Club, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Boys & Girls Club.
De Minimis Rate Used: N
Rate Explanation: The Auditee has elected not to use an indirect cost rate.
Basis of presentation – The schedule of expenditures of federal awards is prepared on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U. S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal expenditures include allowable costs funded by federal grants. Allowable costs are subject to the cost principles of the Uniform Guidance and include costs that are recognized as expenses in Boys & Girls Club’s financial statements in conformity with generally accepted accounting principles. Boys & Girls Club does not use the 10% de minimis rate and does not charge indirect costs to the federal awards. Boys & Girls Club does not have any subrecipients. Because the schedule presents only a selected portion of the operations of Boys & Girls Club, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Boys & Girls Club.