Notes to SEFA
Title: Basis of presentation
Accounting Policies: GAAP
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of Be A Champion Inc. under programs of the federal government for the year ended December 31, 2023. The information in this schedule 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). Because the Schedule presents only a selected portion of the operations of Be A Champion Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows.
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 for federal awards.
Title: Indirect Rate
Accounting Policies: GAAP
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Be A Champion Inc. has elected not to use the 10% minimis indirect cost rate allowed under the Uniform Guidance.
Title: Subrecipients
Accounting Policies: GAAP
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Be A Champion Inc. did not provide federal funds to subrecipients for the year ended December 31, 2023.
Title: Loan guarantee
Accounting Policies: GAAP
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Be A Champion Inc. did not have any loans or loan guarantee programs required to be reported on the Schedule for the year ended December 31, 2023.