Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Summary of Significant Accounting Policies:
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 in the New Jersey (NJ) Circular Letter 15-08 OMB Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Raritan Bay Area Young Men’s Christian Association and Affiliate has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Raritan Bay Area Young Men’s Christian Association and Affiliate has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal and state grant activity of Raritan Bay Area Young Men’s Christian Association and Affiliate under programs of the federal and state government for the year ended December 31, 2023, and is presented on the accrual basis of accounting. The information in these Schedules 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) and New Jersey (NJ) Circular Letter 15-08 OMB Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Because the Schedule presents only a selected portion of the operations of Raritan Bay Area Young Men’s Christian Association and Affiliate, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Raritan Bay Area Young Men’s Christian Association and Affiliate.
Title: Relationship to Basic Consolidated Financial Statements
Accounting Policies: Summary of Significant Accounting Policies:
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 in the New Jersey (NJ) Circular Letter 15-08 OMB Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Raritan Bay Area Young Men’s Christian Association and Affiliate has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Raritan Bay Area Young Men’s Christian Association and Affiliate has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal and state expenditures are reported in the basic consolidated financial statements as Program Activities. The expenditures reported in the basic consolidated financial statements may differ from the expenditures reported in the Schedule of Federal and State Awards due to program expenditures exceeding grant or contract budget limitations or matching or in-kind contributions which are not included as Federal and State Awards.