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. Negative amounts shown on the Schedule represents adjustments or credits made, in the normal course of business, to amounts reported as expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal and state awards (the "Schedule") includes the federal and state award activity of Community Action Partnership of Kern under programs of the federal and state governments for the year ended February 29, 2024. 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 Community Action Partnership of Kern, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Community Action Partnership of Kern.
Title: Noncash Assistance
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. Negative amounts shown on the Schedule represents adjustments or credits made, in the normal course of business, to amounts reported as expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Organization received noncash assistance in the form of food commodities, which is included in the amounts reported on the Schedule of Expenditures of Federal and State Awards. Commodities, with a fair value of $8,364,099 at the time received, have been included in the determination of federal awards expended for the year ended February 29, 2024.