Notes to SEFA
Title: BASIS OF PRESENTATION
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 wherein certain types of expenditures are not allowable or are limited as to reimbursement. Expenses of federal awards are reported on the statement of activities as program services, and general and administrative expenses. Federal funding is included in the Grants and Contributions line item on the statement of activities.
De Minimis Rate Used: N
Rate Explanation: The Y has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Young Men's Christian Association of Bucks and Hunterdon under 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Young Men's Christian Association of Bucks and Hunterdon, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Young Men's Christian Association of Bucks and Hunterdon.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 wherein certain types of expenditures are not allowable or are limited as to reimbursement. Expenses of federal awards are reported on the statement of activities as program services, and general and administrative expenses. Federal funding is included in the Grants and Contributions line item on the statement of activities.
De Minimis Rate Used: N
Rate Explanation: The Y has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
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 allowable or are limited as to reimbursement. Expenses of federal awards are reported on the statement of activities as program services, and general and administrative expenses. Federal funding is included in the Grants and Contributions line item on the statement of activities.
Title: INDIRECT COST RATE
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 wherein certain types of expenditures are not allowable or are limited as to reimbursement. Expenses of federal awards are reported on the statement of activities as program services, and general and administrative expenses. Federal funding is included in the Grants and Contributions line item on the statement of activities.
De Minimis Rate Used: N
Rate Explanation: The Y has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Y has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.