Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: WATNKQSJTNL7
De Minimis Rate Used: N
Rate Explanation: Congregation Luminous, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (“the schedule”) includes
the federal grant activity of Congregation Luminous, Inc. under programs of the federal
government for the year ended June 30, 2023. The information in this schedule is
presented in accordance with the requirement of Title 2 U.S. Code of Federal Regulations
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requireents
for Federal Awards (Uniform Guidance). Because the schedule presents only a selected
portion of the operations of Congregation Luminous, Inc., it is not intended to and does
not represent the financial position, changes in net assets or cash flows of Congregation
Luminous, Inc.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: WATNKQSJTNL7
De Minimis Rate Used: N
Rate Explanation: Congregation Luminous, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the schedule of expenditures of federal awards 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.
Title: SUBRECIPIENTS
Accounting Policies: WATNKQSJTNL7
De Minimis Rate Used: N
Rate Explanation: Congregation Luminous, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Congregation Luminous, Inc. did not provide any federal awards to subrecipients during
the year ended June 30, 2023.
Title: INDIRECT COST RATE
Accounting Policies: WATNKQSJTNL7
De Minimis Rate Used: N
Rate Explanation: Congregation Luminous, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Congregation Luminous, Inc. has elected not to use the 10-percent de minimis indirect
cost rate allowed under the Uniform Guidance.
Title: LOAN OUTSTANDING BALANCE
Accounting Policies: WATNKQSJTNL7
De Minimis Rate Used: N
Rate Explanation: Congregation Luminous, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Congregation Luminous, Inc. was the recipient of a loan from the U.S. Small Business
Administration’s Economic Injury Disaster Loan program. The total balance of the loan
as of June 30, 2023, is $150,000. All of the loan proceeds were received prior to the year
ended June 30, 2023; therefore, no amounts are reported on the schedule during the
current fiscal year.