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: True North Recovery, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of True North Recovery, 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 True North Recovery, Inc., it is not intended to and does not present the financial statements of True North Recovery, Inc.
Title: Note 3. Passed Through Awards
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: True North Recovery, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform guidance.
No amounts were passed through to subrecipients.
Title: Note 4. Reconciliation to Statement of Activities:
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: True North Recovery, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform guidance.
Federal expenditures from SEFA $ 990,615
State expenditures from SSFA 1,108,770
Foundation and local awards 421,092
Total Grants Revenue on the Statement of Activities $ 2,520,477