Notes to SEFA
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of The Boys and Girls Clubs of Central Mississippi, Inc. and its affiliate (collectively referred to as the Organization) under programs of the federal government. The information in the Schedule is presented in accordance with the requirement of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirement 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. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Expenditures reported in 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 reimburesment.
De Minimis Rate Used: N
Rate Explanation: NOTE 3 - INDIRECT COST RATE: The Organization has not elected to use the 10% de minimis indirect cost rate under the Uniform Guidance.