Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in the schedule of expenditures of federal awards (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. 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: N
Rate Explanation: The Organization does not draw for indirect administrative costs and has not elected to use the 10% de minimis cost rate.
The Schedule includes the federal award activity of Community Action Partnership - Minot Region 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, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Community Action Partnership - Minot Region, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Community Action Partnership - Minot Region.
Title: FINANCIAL STATEMENT RECONCILIATION
Accounting Policies: Expenditures reported in the schedule of expenditures of federal awards (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. 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: N
Rate Explanation: The Organization does not draw for indirect administrative costs and has not elected to use the 10% de minimis cost rate.
Grant revenue per the Statement of Activities for the year ended June 30, 2024 has been reconciled to the total federal expenditures per the schedule of expenditures of federal awards. See financial statements for table.