Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10% de minimis cost rate.
The accompanying consolidated schedule of expenditures of federal awards (the schedule) includes the federal award activity of the Children's Home Society of South Dakota and Children's Home Foundation (collectively, the Organization) under programs of the federal government for the year ended June 30, 2024. The information 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 the Organization, it is not intended to and does not present the consolidated financial position, changes in net assets or cash flows of the Organization.
Title: Medicaid Cluster
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10% de minimis cost rate.
Per the OMB Compliance Supplement, nonfederal entities must record expenditures on the consolidated schedule of expenditures of federal awards when the expenses have been incurred based on the grant agreements in place. The grant agreement for the time period of June 1, 2023, through May 31, 2024 for the Medical Assistance Program was signed subsequent to the previous fiscal year. Therefore, the expenditures for the month of June 2023 in the amount of $86,952 were included in the schedule as of June 30, 2024.