Notes to SEFA
Title: NOTE 1 - GENERAL
Accounting Policies: The SEFA is prepared using the accrual basis of accounting
De Minimis Rate Used: Y
Rate Explanation: The Organization does elect to use the 10% de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs of Elevate Community Services, Inc. Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies are included in the schedule. The information in this SEFA is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Title: NOTE 2 - BASIS OF ACCOUNTING
Accounting Policies: The SEFA is prepared using the accrual basis of accounting
De Minimis Rate Used: Y
Rate Explanation: The Organization does elect to use the 10% de minimis cost rate.
The accompanying SEFA is presented using the accrual basis of accounting.
Title: NOTE 3 - RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: The SEFA is prepared using the accrual basis of accounting
De Minimis Rate Used: Y
Rate Explanation: The Organization does elect to use the 10% de minimis cost rate.
Federal award expenditures agree or can be reconciled with the amounts reported in the Organization’s financial statements.
Title: NOTE 4 - INDIRECT COST RATE
Accounting Policies: The SEFA is prepared using the accrual basis of accounting
De Minimis Rate Used: Y
Rate Explanation: The Organization does elect to use the 10% de minimis cost rate.
The Organization does elect to use the 10% de minimis cost rate.