Notes to SEFA
Title: NOTE 1 – 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 principals contained in the Uniform Guidance where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: All Faiths has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. In some cases, All Faiths has negotiated fixed indirect cost rates with certain passthrough grantors.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of All Faiths under programs of the federal government for the year ended June 30, 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 All Faiths, it is not intended to and does not present the financial position, activities and changes in net assets, functional expenses or cash flows of All Faiths.
Title: NOTE 2 – 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 principals contained in the Uniform Guidance where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: All Faiths has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. In some cases, All Faiths has negotiated fixed indirect cost rates with certain passthrough grantors.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in the Uniform Guidance where certain types of expenditures are not allowable or are limited as to reimbursement.
Title: NOTE 3 – 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 principals contained in the Uniform Guidance where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: All Faiths has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. In some cases, All Faiths has negotiated fixed indirect cost rates with certain passthrough grantors.
All Faiths has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. In some cases, All Faiths has negotiated fixed indirect cost rates with certain passthrough grantors.