Notes to SEFA
Title: Basis of Preparation
Accounting Policies: Accrual Basis
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal awards activity of The Center for New York City Neighborhoods, Inc. and Affiliate (the “Center”) 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of the Center, it is not intended to, and does not, present the financial position, changes in net assets or cash flows of the Center.
Title: Summary of Significant Accounting Policies
Accounting Policies: Accrual Basis
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the Schedule are reported 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: Indirect Cost Rates
Accounting Policies: Accrual Basis
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Center has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.