Notes to SEFA
Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Boys and Girls Clubs of San Luis Valley has elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity
of the Boys and Girls Clubs of San Luis Valley (the Organization) under programs of the federal government
for the year ended December 31, 2023. The information in the Schedule is presented in accordance with the
requirements of Title 2 U.S. Code of Federal Regulations Part200, 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 the Organization, it is not intended to and does not present
the financial position, changes in net assets, or cash flows of the Organization.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Boys and Girls Clubs of San Luis Valley has elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
1. 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, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
2. The Boys and Girls Clubs of San Luis Valley has elected to use the 10 percent de minimus
indirect cost rate as allowed under the Uniform Guidance.
3. The Boys and Girls Clubs of San Luis Valley did not pass through federal awards to subrecipients
during the year ended December 31, 2023.