Notes to SEFA
Title: 1) Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal and State Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The 10% de minimus cost rate isn’t used on programs presented on the schedule. The Organization claims indirect cost, where applicable, using a plan rate developed in accordance with the required OMB Circular.
The accompanying Schedule of Expenditures of Federal and State Awards includes the federal award activity of Open Arms, Inc. (“The Organization”) under programs of the Federal and State government for the year ended June 30, 2023. The information in this schedule is presented in accordance with 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) All financial assistance received directly from Federal agencies, as well as financial assistance passed through other government agencies, is included in the accompanying schedule. Such categories have been denoted on the Schedule of Expenditures of Federal and State Awards.
Title: 2) Summary of Significant Accounting Policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal and State Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The 10% de minimus cost rate isn’t used on programs presented on the schedule. The Organization claims indirect cost, where applicable, using a plan rate developed in accordance with the required OMB Circular.
The accompanying Schedule of Expenditures of Federal and State Awards is presented using the accrual basis of accounting.
Title: 3) Indirect Cost Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal and State Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The 10% de minimus cost rate isn’t used on programs presented on the schedule. The Organization claims indirect cost, where applicable, using a plan rate developed in accordance with the required OMB Circular.
The 10% de minimus cost rate isn’t used on programs presented on the schedule. The Organization claims indirect cost, where applicable, using a plan rate developed in accordance with the required OMB Circular.