Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying Schedules are presented using 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. The amounts reported in the Schedules as expenditures may differ from certain financial reports submitted to governmental funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Organization has not received a negotiated indirect cost rate, nor has it elected to use the 10% de minimis indirect cost rate allowable under the Uniform Guidance.
The accompanying schedules of expenditures of federal, state and city awards (the “Schedules”) present the activities in the financial assistance programs of Campaign for Working Families, Inc. (the “Organization”). All financial assistance received directly from federal, state and city agencies as well as financial assistance passed through other governmental agencies or not-for-profit organizations are included in the Schedules. The information in the 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 the City of Philadelphia Subrecipient Audit Guide. Because the Schedules present only a selected portion of the
operations of the Organization, they are not intended to and do not present the financial position, activities or cash flows of the Organization.
Title: RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: The accompanying Schedules are presented using 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. The amounts reported in the Schedules as expenditures may differ from certain financial reports submitted to governmental funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Organization has not received a negotiated indirect cost rate, nor has it elected to use the 10% de minimis indirect cost rate allowable under the Uniform Guidance.
Federal, state and city financial assistance expenditures are reported on the statement of functional expenses as program and general and administrative expenses. The expenditures reported in the basic financial statements may differ from the expenditures reported in the Schedules due to program expenditures exceeding grant or contract budget limitations, matching or in-kind contributions or capitalization policies required under accounting principles generally accepted in the United States of America.