Notes to SEFA
Accounting Policies: NOTE A.BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of L.I Child and Family Development Services, Inc. (the Agency) under programs of the federal government for the year ended November 30, 2022. The information in the Schedule is presented in accordance with 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 L.I Child and Family Development Services, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of L.I Child and Family Development Services, Inc.NOTE B.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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements. Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. L.I. Child and Family Development Services, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. In accordance with the FederalRequirement for the Head Start program, the Agency is in compliance with the 15% maximum administrative costs.