Notes to SEFA
Title: NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Basis of presentation – The schedule of expenditures of federal awards (the schedule) is prepared 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal expenditures include allowable costs funded by federal awards. Allowable costs are subject to the cost principles of the Uniform Guidance and include costs that are recognized as expenses and capitalized assets totaling $986,756 in YES Prep’s financial statements in conformity with generally accepted accounting principles. YES Prep has elected not to use the 10% de minimus rate for indirect costs and does not have any subrecipients. Because the schedule presents only a selected portion of the operations of YES Prep, it is not intended to and does not present the financial position, changes in net assets, or cash flows of YES Prep.
De Minimis Rate Used: N
Rate Explanation: The Auditee has elected not to use the 10% de minimus rate for indirect costs.
Basis of presentation – The schedule of expenditures of federal awards (the schedule) is prepared 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal expenditures include allowable costs funded by federal awards. Allowable costs are subject to the cost principles of the Uniform Guidance and include costs that are recognized as expenses and capitalized assets totaling $986,756 in YES Prep’s financial statements in conformity with generally accepted accounting principles. YES Prep has elected not to use the 10% de minimus rate for indirect costs and does not have any subrecipients. Because the schedule presents only a selected portion of the operations of YES Prep, it is not intended to and does not present the financial position, changes in net assets, or cash flows of YES Prep.