Notes to SEFA
Title: Note A. 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 limited as to reimbursement or credits. 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: Y
Rate Explanation: Angel of God Resource Center, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under The Uniform Guidance.
The accompanying Schedule of Expenditures of Federal and State Awards includes the federal award activity of Angel of God Resource Center, 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, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Angel of God Resource Center, Inc., it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of Angel of God Resource Center, Inc.
Title: Note B. 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 limited as to reimbursement or credits. 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: Y
Rate Explanation: Angel of God Resource Center, Inc. has elected not to use the 10 percent de minimis indirect cost rate 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, wherein certain types of expenditures are not allowable or limited as to reimbursement or credits. 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 C. 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 limited as to reimbursement or credits. 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: Y
Rate Explanation: Angel of God Resource Center, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under The Uniform Guidance.
Angel of God Resource Center, Inc., has elected not to use the 10 percent de minimis indirect cost rate allowed under The Uniform Guidance.