Notes to SEFA
Title: NOTE A - GENERAL
Accounting Policies: The Schedule is presented using the accrual basis of accounting.
Expenditure-driven grants are recognized as revenue when the qualifying expenditures have been Incurred and all other grant requirements have been met.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10-percent de minimus indirect cost rate.
The schedule of expenditures of federal awards (the Schedule) presents the activity of all federal award programs of Persevere, Inc. (the Organization). The Organization reporting entity is defined in Note 1 to the Organization’s financial statements. All federal awards received directly from federal agencies as well as federal awards passed through from other government agencies are included on the Schedule.
Title: NOTE B - BASIS OF ACCOUNTING
Accounting Policies: The Schedule is presented using the accrual basis of accounting.
Expenditure-driven grants are recognized as revenue when the qualifying expenditures have been Incurred and all other grant requirements have been met.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10-percent de minimus indirect cost rate.
The Schedule is presented using the accrual basis of accounting.
Expenditure-driven grants are recognized as revenue when the qualifying expenditures have been
incurred and all other grant requirements have been met. The Organization has elected to use the 10-percent de minimus indirect cost rate.
Title: NOTE C - SUBRECIPIENTS OF FEDERAL AWARDS
Accounting Policies: The Schedule is presented using the accrual basis of accounting.
Expenditure-driven grants are recognized as revenue when the qualifying expenditures have been Incurred and all other grant requirements have been met.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10-percent de minimus indirect cost rate.
The Organization did not provide federal award funding to any subrecipient during the year ended December 31, 2023.