Notes to SEFA
Title: Note 1
Accounting Policies: 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. Pass-through entity identifying
numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Not used
BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the Schedule)
includes the federal award activity of Northeast Employment and Training
Organization, Inc. under programs of the federal government for the year ended
March 31, 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 Northeast Employment and Training
Organization, Inc., it is not intended to and does not present the financial
position, changes in net assets, or cash flows of the Organization.
Title: Note 2
Accounting Policies: 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. Pass-through entity identifying
numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Not used
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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. Pass-through entity identifying
numbers are presented where available.
Title: Note 3
Accounting Policies: 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. Pass-through entity identifying
numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Not used
INDIRECT COSTS
Northeast Employment and Training Organization, Inc. has elected to not use the
ten-percent de minimis indirect cost rate allowed under the Uniform Guidance.