Notes to SEFA
Title: NOTE 1. BASIS OF PRESENTATION
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Massachusetts Alliance of Portuguese Speakers, Inc. has elected to not use the 10% de minimis federal indirect cost rate as allowed under the Uniform Guidance. The Organization received approval to use a federal indirect rate of 32% effective until June 30, 2023. The rate is approved provisionally thereafter through June 30, 2026.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Massachusetts Alliance of Portuguese Speakers, Inc. 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 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 Massachusetts Alliance of Portuguese Speakers, Inc., it is not intended to and does not present the financial position, change in net assets, or cash flows of Massachusetts Alliance of Portuguese Speakers, Inc.
Title: NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Massachusetts Alliance of Portuguese Speakers, Inc. has elected to not use the 10% de minimis federal indirect cost rate as allowed under the Uniform Guidance. The Organization received approval to use a federal indirect rate of 32% effective until June 30, 2023. The rate is approved provisionally thereafter through June 30, 2026.
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: NOTE 3. INDIRECT COST RATE
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Massachusetts Alliance of Portuguese Speakers, Inc. has elected to not use the 10% de minimis federal indirect cost rate as allowed under the Uniform Guidance. The Organization received approval to use a federal indirect rate of 32% effective until June 30, 2023. The rate is approved provisionally thereafter through June 30, 2026.
Massachusetts Alliance of Portuguese Speakers, Inc. has elected to not use the 10% de minimis federal indirect cost rate as allowed under the Uniform Guidance. The Organization received approval to use a federal indirect rate of 32% effective until June 30, 2023. The rate is approved provisionally thereafter through June 30, 2026.