Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: THE ACCOMPANYING FINANCIAL STATEMENTS HAVE BEEN PREPARED ON THE ACCRUAL BASIS OF ACCOUTNING IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP). UNDER THE ACCRUAL BASIS OF ACCOUNTING, REVENUES ARE RECORDED AS EARNED AND EXPENSES ARE RECORDED AT THE TIME LIABILITIES ARE INCURRED. FOR GRANT FUNDS RECEIVED, IT IS THE AGENCY'S POLICY TO RECOGNIZE THE GRANT REVENUE ONCE THE EXPENSES HAVE BEEN INCURRED. DEFERRED REVENUE IS RECORDED FOR THE EXCESS OF GRANT FUNDS RECEIVED OVER QUALIFIED GRANT EXPENSES.
De Minimis Rate Used: N
Rate Explanation: THE AGENCY HAS ELECTED NOT TO USE THE 10% DE MINIMIS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AND STATE AWARDS INCLUDES THE FEDERAL AND STATE GRANT ACTIVITY OF THE AGENCY AND IS PRESENTED ON THE ACCRUAL BASIS OF ACCOUNTING. THE INFORMATION IS PRESENTED IN ACCORDANCE WITH THE REQUIREMENTS OF TITLE 2 US CODE OF FEDERAL REGULATIONS PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS. THE INFORMATION IN THIS SCHEDULE MAY DIFFER FROM AMOUNTS IN, OR USED IN THE PREPERATION OF THE FINANCIAL STATEMENTS.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: THE ACCOMPANYING FINANCIAL STATEMENTS HAVE BEEN PREPARED ON THE ACCRUAL BASIS OF ACCOUTNING IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP). UNDER THE ACCRUAL BASIS OF ACCOUNTING, REVENUES ARE RECORDED AS EARNED AND EXPENSES ARE RECORDED AT THE TIME LIABILITIES ARE INCURRED. FOR GRANT FUNDS RECEIVED, IT IS THE AGENCY'S POLICY TO RECOGNIZE THE GRANT REVENUE ONCE THE EXPENSES HAVE BEEN INCURRED. DEFERRED REVENUE IS RECORDED FOR THE EXCESS OF GRANT FUNDS RECEIVED OVER QUALIFIED GRANT EXPENSES.
De Minimis Rate Used: N
Rate Explanation: THE AGENCY HAS ELECTED NOT TO USE THE 10% DE MINIMIS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
THE AGENCY HAS ELECTED NOT TO USE THE 10% DEMNIMIS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
Title: INDIRECT COST RATE
Accounting Policies: THE ACCOMPANYING FINANCIAL STATEMENTS HAVE BEEN PREPARED ON THE ACCRUAL BASIS OF ACCOUTNING IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP). UNDER THE ACCRUAL BASIS OF ACCOUNTING, REVENUES ARE RECORDED AS EARNED AND EXPENSES ARE RECORDED AT THE TIME LIABILITIES ARE INCURRED. FOR GRANT FUNDS RECEIVED, IT IS THE AGENCY'S POLICY TO RECOGNIZE THE GRANT REVENUE ONCE THE EXPENSES HAVE BEEN INCURRED. DEFERRED REVENUE IS RECORDED FOR THE EXCESS OF GRANT FUNDS RECEIVED OVER QUALIFIED GRANT EXPENSES.
De Minimis Rate Used: N
Rate Explanation: THE AGENCY HAS ELECTED NOT TO USE THE 10% DE MINIMIS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
THE AGENCY RECEIVED $1,683,176 of in-kind contributions that supported the Head Start Program.