Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of SOAR After School Program 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 (Uniform Guidance). Because the schedules present only a selected portion of the operations of SOAR After School Program, they are not intended to and do not present the financial position, changes in net assets or cash flows of SOAR After School Program.
De Minimis Rate Used: Y
Rate Explanation: Expenditures on the schedule of expenditures of federal and state awards 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. SOAR After School Program has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.