Notes to SEFA
Accounting Policies: Note A. BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes the federal
award activity of Center for Positive Changes under the 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 (CFR) 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 Center for Positive
Changes, it is not intended to and does not present the financial position, changes in
net assets, or cash flows of Center for Positive Changes.
Note B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(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 and/or OMB Circular A-122, Cost Principles
for Non-profit Organization, wherein certain types of expenditures are not
allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Varsity Team, Inc. has elected not to use the 10 percent de minimis indirect cost
rate as allowed under the Uniform Guidance.