Notes to SEFA
Title: Note 1 – Basis of Presentation
Accounting Policies: Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and the Audit Requirements for Federal Awards
De Minimis Rate Used: N
Rate Explanation: Provisional Indirect Cost Rate
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant
activity of Warren-Forest Counties Economic Opportunity Council and is presented on the accrual
basis of accounting. 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 the Audit Requirements for Federal Awards (Uniform
Guidance). Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in the preparation of, the basic financial statements.
Title: Note 2 – Summary of Significant Accounting Policies
Accounting Policies: Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and the Audit Requirements for Federal Awards
De Minimis Rate Used: N
Rate Explanation: Provisional Indirect Cost Rate
Expenditures reported on the accompanying schedule of expenditures of federal awards are reported in accordance with generally accepted accounting principles (GAAP). Indirect Cost Rate The Organization did not elect to use the ten percent (10%) de minimis indirect cost rate for the year ended June 30, 2024. Amounts Passed to Subrecipients The Organization did not provide federal awards to subrecipients during the year ended June 30, 2024. Fee-for-Service Contracts The Organization recognizes revenue applicable to fee-for-service contracts as services are performed. For presentation on the Schedule of Expenditures of Federal Awards, program expenditures were assumed to be equal to revenue recognized. However, actual expenditures may vary from amounts presented. Federal Loan Guarantee Programs The Organization did not have any federal loan guarantee programs to report for the year ended June 30, 2024, as described in 2 CFR section 200.502(b).
Title: Note 3 – Reconciliation of Statement of Financial Position to Schedule of Expenditures of Federal Awards
Accounting Policies: Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and the Audit Requirements for Federal Awards
De Minimis Rate Used: N
Rate Explanation: Provisional Indirect Cost Rate
Statement of Financial Position accounts at June 30, 2024: Grants receivable $ 313,184.59 Less: Non-Federal awards (73,041.93) 240,142.66 Deferred revenue (646,258.81) Less: Non-Federal awards 347,503.88 (298,754.93) Cash/Accrued or (Deferred) Revenue at June 30, 2024, Schedule of Expenditures of Federal Awards $ (58,612.27)