Notes to SEFA
Title: Basis of presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following, as applicable, either the cost principles contained in OMB (“Office of Management
and Budget”) Circular A-122, Cost Principles for Non-profit Organizations, or the cost principles contained in
Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles,
and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are
limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Has not elected to use the ten percent de minimus indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Boys & Girls Clubs of the Valley, Inc and Subsidiaries. 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 Boys & Girls Clubs of the Valley, Inc. and Subsidiaries, it is not intended to and does not present the consolidated financial position, change in net assets or cash flows of Boys & Girls Clubs of the Valley, Inc. and Subsidiaries.
Title: Loans Outstanding
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following, as applicable, either the cost principles contained in OMB (“Office of Management
and Budget”) Circular A-122, Cost Principles for Non-profit Organizations, or the cost principles contained in
Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles,
and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are
limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Has not elected to use the ten percent de minimus indirect cost rate allowed under the Uniform Guidance.
Boys & Girls Clubs of the Valley, Inc. and Subsidiaries has loans outstanding for various maintenance
and improvement projects at branch locations which are funded through Community Development Block
Grants. Loans outstanding at the beginning of the year, as well as new loans established during the year
ended June 30, 2024, are included in the federal expenditures presented in the accompanying schedule of
expenditures of federal awards. The balance of loans outstanding at June 30, 2024 consists of:
Federal Grantor/Program/
Pass-Through Agency
Federal
Assistance
Listing
Number
Pass-Through
Grantors
Identifying
Number
Federal
Expenditures
U.S. Department of Housing and Urban
Development
Passed through the City of Phoenix
Community Development Block Grant/Entitlement
Grants 14.218
City of Phoenix 144193 $ 25,200
City of Phoenix 141741 14,280
City of Phoenix 139791-0 6,104
City of Phoenix 148940-0 75,000
City of Phoenix 152009-0 98,671
Total loans outstanding $ 219,255