Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying Schedule is presented using 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: Northern has not elected to use the 10 percent de minimus indirect cost rate allowable under Uniform Guidance. Furthermore, Northern does not receive any federal indirect costs.
The accompanying schedule of expenditures of federal, state and city awards (the “Schedule”) includes the federal, state, and city award activity of Northern Children’s Services and Affiliate (“Northern”) under programs of the federal, state and city 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 Northern, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of Northern.
Title: LOAN PROGRAMS WITH CONTINUING COMPLIANCE REQUIREMENTS
Accounting Policies: The accompanying Schedule is presented using 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: Northern has not elected to use the 10 percent de minimus indirect cost rate allowable under Uniform Guidance. Furthermore, Northern does not receive any federal indirect costs.
The federal loan programs listed are administered directly by Northern, and the balance and transactions relating to these programs are included in Northern’s basic consolidated financial statements. Loans outstanding at the beginning of the year are included in the Schedule. The mortgage is secured by the property of Northern. The balance of the loans outstanding at June 30, 2024 consists of: