Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule of expenditures of federal and state awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for State, Local Governments wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: On grants that included indirect the entity chose to us the 10 percent de minimis cost rate.
The accompanying schedule of expenditures of federal and state awards includes the federal grant activity of Safenet Services, Inc. and is presented on the accrual basis of accounting. 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 (the Uniform Guidance). Because the schedule only presents 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.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the schedule of expenditures of federal and state awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for State, Local Governments wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: On grants that included indirect the entity chose to us the 10 percent de minimis cost rate.
Expenditures reported on the schedule of expenditures of federal and state awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for State, Local Governments wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Contingent Liabilities
Accounting Policies: Expenditures reported on the schedule of expenditures of federal and state awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for State, Local Governments wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: On grants that included indirect the entity chose to us the 10 percent de minimis cost rate.
The Organization participates in a number of federally and state assisted programs. These programs are audited in accordance with Government Auditing Standards and the Single Audit Act Amendments of 1996, if applicable, in accordance with the required levels of Federal Financial Assistance. Audits of prior years have not resulted in any significant disallowed costs; however, grantor agencies may provide for further examinations. Based on prior experience, management believes that further examinations would not result in any significant disallowed costs.
Title: Relationshiip to Financial Position
Accounting Policies: Expenditures reported on the schedule of expenditures of federal and state awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for State, Local Governments wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: On grants that included indirect the entity chose to us the 10 percent de minimis cost rate.
Amounts reported in the accompanying schedule may not agree with the amounts reported in the related financial reports filed with the grantor agencies for the year ended June 30, 2024 because of accruals made in the schedules for financial statements reporting purposes. These accruals were included in future reports filed with the agencies.
Title: Indirect Costs
Accounting Policies: Expenditures reported on the schedule of expenditures of federal and state awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for State, Local Governments wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: On grants that included indirect the entity chose to us the 10 percent de minimis cost rate.
Safenet Services, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.