Title: NOTE A - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance (the “Schedule”) include the federal and state award activity of Youth and Family Alternatives, Inc. and its supporting organization, the Youth and Family Alternatives Foundation, Inc. (collectively, the “Organization”) and under programs of the federal government and State of Florida for the year ended June 30, 2024. The information in the Schedule is presented in accordance with the audit 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) and Chapter 10.650, Rules of the Auditor General. Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
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 are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization negotiates the allowable indirect cost rate on direct and indirect funding received from state or local government and non-governmental sources with the awarding agency. For federal awards received, the Organization has elected to not use the 10 percent de minimis indirect cost rate under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards and state financial assistance (the “Schedule”) include the federal and state award activity of Youth and Family Alternatives, Inc. and its supporting organization, the Youth and Family Alternatives Foundation, Inc. (collectively, the “Organization”) and under programs of the federal government and State of Florida for the year ended June 30, 2024. The information in the Schedule is presented in accordance with the audit 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) and Chapter 10.650, Rules of the Auditor General. Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
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 are limited as to reimbursement.
The Organization negotiates the allowable indirect cost rate on direct and indirect funding received from state or local government and non-governmental sources with the awarding agency. For federal awards received, the Organization has elected to not use the 10 percent de minimis indirect cost rate under the Uniform Guidance.
Title: NOTE B - DEVELOPER AGREEMENT AND DEFERRED PAYMENT MORTGAGE
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance (the “Schedule”) include the federal and state award activity of Youth and Family Alternatives, Inc. and its supporting organization, the Youth and Family Alternatives Foundation, Inc. (collectively, the “Organization”) and under programs of the federal government and State of Florida for the year ended June 30, 2024. The information in the Schedule is presented in accordance with the audit 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) and Chapter 10.650, Rules of the Auditor General. Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
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 are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization negotiates the allowable indirect cost rate on direct and indirect funding received from state or local government and non-governmental sources with the awarding agency. For federal awards received, the Organization has elected to not use the 10 percent de minimis indirect cost rate under the Uniform Guidance.
During the year ended June 30, 2018, the Organization entered into a developer agreement with Pasco County (the County) to assist the County in utilizing funds provided through the Neighborhood Stabilization Program, the Home Investments Partnership Program, and the State Housing Initiatives Partnership Program. Pursuant to the agreement, the Organization developed a six unit, eight-person supportive living facility in New Port Richey for developmentally disabled adults. The construction of the rental units was completed in August 2019. The agreement also includes the execution of a 50-year, $875,000 deferred mortgage, and promissory note with the County, secured by the facility. The deferred mortgage and promissory note become payable if the Organization stops using the property as a rental property for the designated income level and persons with special needs or does not properly maintain the property during the 50-year period.
Title: NOTE C - CONTINGENCIES
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance (the “Schedule”) include the federal and state award activity of Youth and Family Alternatives, Inc. and its supporting organization, the Youth and Family Alternatives Foundation, Inc. (collectively, the “Organization”) and under programs of the federal government and State of Florida for the year ended June 30, 2024. The information in the Schedule is presented in accordance with the audit 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) and Chapter 10.650, Rules of the Auditor General. Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
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 are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization negotiates the allowable indirect cost rate on direct and indirect funding received from state or local government and non-governmental sources with the awarding agency. For federal awards received, the Organization has elected to not use the 10 percent de minimis indirect cost rate under the Uniform Guidance.
Federal programs and state projects are subject to financial and compliance audits by grantor agencies, which, if instances of material noncompliance are found, may result in disallowed expenditures, and affect the Organization’s continued participation in specific programs. The amount of expenditures which may be disallowed by the grantor agencies cannot be determined at this time, although the Organization expects such amounts, if any, to be immaterial.