Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures are recognized following the cost principles contained in the Univorm Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Schedule of Federal Awards presents the activity of all federal financial assistance and federal costreimbursement contracts of Boys & Girls Club of Larimer County (the Organization) 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 the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization. Boys & Girls Club of Larimer County received federal awards indirectly through a pass-through entity.
Title: INDIRECT COST RULES
Accounting Policies: Expenditures are recognized following the cost principles contained in the Univorm Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Organization has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: MAJOR PROGRAMS
Accounting Policies: Expenditures are recognized following the cost principles contained in the Univorm Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The major programs are identified in the Summary of Auditor’s Results section of the Schedule of Findings and Questioned Costs.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures are recognized following the cost principles contained in the Univorm Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Organization has no subrecipients during the year ended May 31, 2024.