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, as applicable, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the activity of all
federal awards programs of Youth Villages, Inc. and Affiliates. Federal awards received directly from federal
agencies as well as federal awards passed through other government agencies and nonprofit organizations
are included on the Schedule. 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). Therefore, some amounts
presented in this Schedule may differ from amounts presented in or used in the preparation of the
consolidated financial statements. Because the Schedule presents only a selected portion of the operations
of Youth Villages, Inc. and Affiliates, it is not intended to and does not present the financial position,
changes in net assets, or cash flows of Youth Villages, Inc. and Affiliates.
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, as applicable, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
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, as applicable, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
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, as applicable, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The Organization has elected to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
Title: NOTE 4 – SUBRECIPIENTS
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, as applicable, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The Organization did not pass any awards through to subrecipients for the year ended June 30, 2024.