Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the same basis of accounting as
the basic financial statements. Such expenditures are recognized following, as
applicable, either the cost principles in OMB Circular A-122, Cost Principles for Nonprofit
Organizations, or the cost principles contained in Title 2 U.S. Code of Federal Regulations
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements
for Federal Awards, whereas certain types of expenditures are not allowable or are limited
as to reimbursement.
Teen H.Y.P.E. did not elect to use the 10% De Minimis indirect cost rate to recover indirect
costs as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Teen HYPE did not elect to use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant
activity of Teen H.Y.P.E., and is presented on the same basis of accounting as the basic
financial statements. The information in this schedule is presented in accordance with the
requirements of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may
differ from amounts presented in, or used in the preparation of, the basic financial
statements.
Because the Schedule presents only a selected portion of the operations of Teen
H.Y.P.E., it is not intended to and does not present the financial position, changes in net
assets, or cash flows of Teen H.Y.P.E.
Title: NOTE 2 – SUMMARY OF SIGNIFICIANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the same basis of accounting as
the basic financial statements. Such expenditures are recognized following, as
applicable, either the cost principles in OMB Circular A-122, Cost Principles for Nonprofit
Organizations, or the cost principles contained in Title 2 U.S. Code of Federal Regulations
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements
for Federal Awards, whereas certain types of expenditures are not allowable or are limited
as to reimbursement.
Teen H.Y.P.E. did not elect to use the 10% De Minimis indirect cost rate to recover indirect
costs as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Teen HYPE did not elect to use the 10% de minimis cost rate.
Expenditures reported on the Schedule are reported on the same basis of accounting as
the basic financial statements. Such expenditures are recognized following, as
applicable, either the cost principles in OMB Circular A-122, Cost Principles for Nonprofit
Organizations, or the cost principles contained in Title 2 U.S. Code of Federal Regulations
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements
for Federal Awards, whereas certain types of expenditures are not allowable or are limited
as to reimbursement.
Teen H.Y.P.E. did not elect to use the 10% De Minimis indirect cost rate to recover indirect
costs as allowed under the Uniform Guidance.
Title: NOTE 3 – RECONCILIATION TO THE BASIC FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the same basis of accounting as
the basic financial statements. Such expenditures are recognized following, as
applicable, either the cost principles in OMB Circular A-122, Cost Principles for Nonprofit
Organizations, or the cost principles contained in Title 2 U.S. Code of Federal Regulations
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements
for Federal Awards, whereas certain types of expenditures are not allowable or are limited
as to reimbursement.
Teen H.Y.P.E. did not elect to use the 10% De Minimis indirect cost rate to recover indirect
costs as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Teen HYPE did not elect to use the 10% de minimis cost rate.
Federal revenues recorded in grants revenue on the Statement of Activities are as follows: