Notes to SEFA
Title: Note 1 Basis of Presentation
Accounting Policies: 1) Expenditures reported on the Schedule are reported on 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 andmay differ from amounts presented in or used in the preparation of the financial statements.
2) Youth Co-Op, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Youth Co-Op, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of Youth Co-Op, Inc. under programs for 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).
Title: Note 2 Summary of Significant Accounting Policies
Accounting Policies: 1) Expenditures reported on the Schedule are reported on 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 andmay differ from amounts presented in or used in the preparation of the financial statements.
2) Youth Co-Op, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Youth Co-Op, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
1) Expenditures reported on the Schedule are reported on 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 andmay differ from amounts presented in or used in the preparation of the financial statements.
2) Youth Co-Op, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note 3 Audits Performed by Other Organization
Accounting Policies: 1) Expenditures reported on the Schedule are reported on 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 andmay differ from amounts presented in or used in the preparation of the financial statements.
2) Youth Co-Op, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Youth Co-Op, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
During the year ended June 30, 2024, audits were performed by South Florida Workforce Investment Board (SFWIB), Miami-Dade County, the United States Committee of Refugees and Immigrants (USCRI) and the Department of Children and Families (DCF) of YCI’s administration of federal awards. While these agencies identified findings, observations and recommendations on its monitoring reports, none were determined to be significant. YCI replied with a plan of corrective action, which was accepted by the agencies.