Notes to SEFA
Title: Organization
Accounting Policies: The Schedule is presented on the accrual basis of accounting. The information 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). Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
De Minimis Rate Used: Both
Rate Explanation: For the VA Homeless Providers Grand and Per Diem Program , the Corporation has elected not use the 10% de minimus indirect cost rate allowed under the Uniform Guidane but rather a rate negotiated and approved by the Department of Veterans Affairs. The Corporation is using the 10% de minimus indirect cost rate for the VA Supportive Services for Veteran Families Program as required by the Department of Veterans Affairs.
The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of all federal award programs of Volunteers of America of Illinois and Affiliates (the Corporation) for the year ended June 30, 2024. All federal awards received directly from federal agencies, as well as federal awards passed through other governmental agencies and other not-for-profit organizations, are included on the Schedule.
Title: Relationship To Consolidated Financial Statements
Accounting Policies: The Schedule is presented on the accrual basis of accounting. The information 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). Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
De Minimis Rate Used: Both
Rate Explanation: For the VA Homeless Providers Grand and Per Diem Program , the Corporation has elected not use the 10% de minimus indirect cost rate allowed under the Uniform Guidane but rather a rate negotiated and approved by the Department of Veterans Affairs. The Corporation is using the 10% de minimus indirect cost rate for the VA Supportive Services for Veteran Families Program as required by the Department of Veterans Affairs.
The amount of total expenditures of federal awards reconciles to the revenue in the consolidated statement of activities as follows: