Notes to SEFA
Title: 1. General
Accounting Policies: See notes to the SEFA in the audited financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of federal awards presents the activity of all federal award programs of Holy Family Institute and its Subsidiaries ("HFI") 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, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of HFI, it is not intended to and does not present the financial position, changes in net assets, or cash flows of HFI.
Title: 2. Basis of accounting
Accounting Policies: See notes to the SEFA in the audited financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting.
Title: 3. Relationship to the Consolidated Financial Statements
Accounting Policies: See notes to the SEFA in the audited financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal financial award revenues are included in the consolidated financial statemetns in the line item "Program Service Fees".
Title: 4. Administrative Costs
Accounting Policies: See notes to the SEFA in the audited financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
HFI has not elected to use the 10 percent de minimis indirect cost rate. Instead, HFI's Administrative Cost Allocation Plan is being followed and administrative expenses are being distributed in a fair and equitable manner.