Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Safe Passage, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of Safe Passage, Inc. under programs of the federal government for the year ended June 30, 2024. The information is 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 Safe Passage, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Safe Passage, Inc.
Title: Summary of Significant Accounting Policies
Accounting Policies: Accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Safe Passage, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Pass Through
Accounting Policies: Accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Safe Passage, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Safe Passage, Inc. does not pass-through any federal awards to sub-recipients.
Title: Loans and Loan Guarantees
Accounting Policies: Accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Safe Passage, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Safe Passage, Inc. did not have loans outstanding on June 30, 2024.
Title: Indirect Cost Rate
Accounting Policies: Accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Safe Passage, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Safe Passage, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.