Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable programs and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Home’s financial reporting system.
The federal expenditures are recognized when the expenditure or expense transaction occurs, in accordance with Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Home has elected to use the 10% de minimus cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of federal award programs administered by The Children's Home of Poughkeepsie, New York, Inc. (the Home) using the accrual basis of accounting. Federal awards that are included in the Schedule may be received directly from federal agencies, as well as federal awards that are passed through form government agencies. The information presented in the 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). This Schedule only presents a selected portion of the operations of the District.
Title: SCOPE OF AUDIT
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable programs and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Home’s financial reporting system.
The federal expenditures are recognized when the expenditure or expense transaction occurs, in accordance with Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Home has elected to use the 10% de minimus cost rate.
The Children's Home of Poughkeepsie, New York, Inc. is a non-profit organization. All federal grant operations are included in the scope of the single audit.