Notes to SEFA
Accounting Policies: SUMMARY OF SIGNIFICANT 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 in OMB 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, where certain types of expenditures are not allowable or are limited as to reimbursement. Business Employment Skills Team, Inc. has selected to use the 10 percent de minimis indirect cost rate, but currently use a lower rate based upon their indirect cost rate allocation. No loans or loan guarantees were received during the year ended June 30, 2024. There were no federal awards in the form of noncash assistance for insurance in effect during the year ended June 30, 2024. BASIS OF PRESENTATION---The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Business Employment Skills Team 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 2 CFR 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 Business Employment Skills Team, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Business Employment Skills Team.
De Minimis Rate Used: Y
Rate Explanation: Skills Team, Inc. has selected to use the 10 percent de minimis indirect cost rate, but currently use a lower rate based upon their indirect cost rate allocation.