Notes to SEFA
Title: Note 1 - Basis of Accounting
Accounting Policies: The SEFA is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Breakfree has not elected to use the ten percent (10%) de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Breakfree and is presented on the accrual basis of accounting. The information in this schedule is presented as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented, or used in the preparation of, the basic financial statements.
Title: Note 2 - Major Federal Programs
Accounting Policies: The SEFA is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Breakfree has not elected to use the ten percent (10%) de minimis indirect cost rate.
Breakfree’s major federal financial assistance programs for the year ended June 30, 2024 was determined based on guidelines established by the Uniform Guidance. The major program for the year ended June 30, 2024 is Elementary and Secondary School Emergency Relief Fund – Education Stabilization Grant.
Title: Note 3 - Sub-Recipients
Accounting Policies: The SEFA is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Breakfree has not elected to use the ten percent (10%) de minimis indirect cost rate.
Breakfree did not disburse any federal funds to sub-recipients during the year ended June 30, 2024.
Title: Note 4 - Indirect Cost Rate
Accounting Policies: The SEFA is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Breakfree has not elected to use the ten percent (10%) de minimis indirect cost rate.
Breakfree has not elected to use the ten percent (10%) de minimis indirect cost rate.