Notes to SEFA
Title: Note 1. General
Accounting Policies: The accompanying Schedules of Expenditures of Federal Awards are presented using 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: N
Rate Explanation: The Boys and Girls Clubs of Lower Bergen County, Inc. has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedules of Expenditures of Federal Awards present the activity of all federal award and state financial assistance programs of the Boys and Girls Clubs of Lower Bergen County, Inc. The Club is defined in Note 1(A) to the Club's general purpose financial statements. All federal awards and state financial assistance received directly from federal and state agencies, as well as federal awards and state assistance passed through other government agencies is included on the Schedule of Expenditures of Federal Awards.
Title: Note 2. Basis of Accounting
Accounting Policies: The accompanying Schedules of Expenditures of Federal Awards are presented using 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: N
Rate Explanation: The Boys and Girls Clubs of Lower Bergen County, Inc. has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedules of Expenditures of Federal Awards are presented using 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.
Title: Note 3. Relationship to Financial Statements
Accounting Policies: The accompanying Schedules of Expenditures of Federal Awards are presented using 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: N
Rate Explanation: The Boys and Girls Clubs of Lower Bergen County, Inc. has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Amounts reported in the accompanying schedules agree with amounts reported in the Club's financial statements.
Title: Note 4. Indirect Cost Rate
Accounting Policies: The accompanying Schedules of Expenditures of Federal Awards are presented using 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: N
Rate Explanation: The Boys and Girls Clubs of Lower Bergen County, Inc. has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Boys and Girls Clubs of Lower Bergen County, Inc. has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.