Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis indirect cost rate
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of The Family Conservancy, Inc. (the Agency) under programs of the federal government for the year ended December 31, 2023. All federal awards received directly from federal agencies, as well as those awards that are passed through other government agencies, are included in the Schedule. 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 the Agency, it is not intended to and does not present the financial position, changes in net position or cash flows of the Agency.
Title: Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis indirect cost rate
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 allowed or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis indirect cost rate
The Agency has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance as their default rate. The Agency will follow the de minimis cost rate as stated in the grant agreements.