Notes to SEFA
Title: Note 1. General Information
Accounting Policies: Native American Advancement Corporation, Inc. is a New Jersey not-for-profit organization with a mission to create opportunities for advancement for Native American citizens through training and employment. The Organization’s headquarters are located in Bridgeton, New Jersey. The Organization is funded by government grants and currently provides weatherization related services to all low-income members of the local community.
De Minimis Rate Used: N
Rate Explanation: The auditee elected not to use the 10% indirect cost rate.
The accompanying Schedule of Expenditures of Federal and State Awards presents the activities in all the federal and state programs of Native American Advancement Corporation, Inc. All financial assistance received directly from federal and state agencies as well as financial assistance passed through other governmental agencies are included on the schedules.
Title: Note 2. Basis of Presentation
Accounting Policies: Native American Advancement Corporation, Inc. is a New Jersey not-for-profit organization with a mission to create opportunities for advancement for Native American citizens through training and employment. The Organization’s headquarters are located in Bridgeton, New Jersey. The Organization is funded by government grants and currently provides weatherization related services to all low-income members of the local community.
De Minimis Rate Used: N
Rate Explanation: The auditee elected not to use the 10% indirect cost rate.
The accompanying schedule is presented on the accrual basis of accounting. The amounts reported in this schedule as 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). Accordingly, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
Title: Note 3. Contract Amendments
Accounting Policies: Native American Advancement Corporation, Inc. is a New Jersey not-for-profit organization with a mission to create opportunities for advancement for Native American citizens through training and employment. The Organization’s headquarters are located in Bridgeton, New Jersey. The Organization is funded by government grants and currently provides weatherization related services to all low-income members of the local community.
De Minimis Rate Used: N
Rate Explanation: The auditee elected not to use the 10% indirect cost rate.
The date on the accompanying schedule reflects contract amendments through the financial statement date of March 31, 2024. Data from any contract amendments occurring after this date have not been incorporated into the accompanying schedule, but will be reflected in next year’s schedule of expenditures of federal and state awards
Title: Note 4. Sub-Recipients
Accounting Policies: Native American Advancement Corporation, Inc. is a New Jersey not-for-profit organization with a mission to create opportunities for advancement for Native American citizens through training and employment. The Organization’s headquarters are located in Bridgeton, New Jersey. The Organization is funded by government grants and currently provides weatherization related services to all low-income members of the local community.
De Minimis Rate Used: N
Rate Explanation: The auditee elected not to use the 10% indirect cost rate.
Of the Federal and state expenditures presented in this schedule, no expenditures were used to provide Federal or state awards to sub-recipients.
Title: Note 5. Indirect Cost Rate
Accounting Policies: Native American Advancement Corporation, Inc. is a New Jersey not-for-profit organization with a mission to create opportunities for advancement for Native American citizens through training and employment. The Organization’s headquarters are located in Bridgeton, New Jersey. The Organization is funded by government grants and currently provides weatherization related services to all low-income members of the local community.
De Minimis Rate Used: N
Rate Explanation: The auditee elected not to use the 10% indirect cost rate.
The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.