Notes to SEFA
Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with
accounting principles generally accepted in the United States of America (GAAP). 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: The Home has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The Home used its negotiated indirect cost rate of 13.5% through July 31, 2023 and 10.3% through June 30, 2024.
The Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of St. Peter – St.
Joseph Children’s Home 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 the Title 2 U.S. Code of Federal
Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from
amounts presented in, or used in the preparation of, the basic financial statements. Pass-through entity identifying
numbers are presented where available.
All of the Home’s federal awards were in the form of cash assistance. The Home had no federal funded insurance
programs or loan guarantees during the year ended June 30, 2024.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with
accounting principles generally accepted in the United States of America (GAAP). 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: The Home has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The Home used its negotiated indirect cost rate of 13.5% through July 31, 2023 and 10.3% through June 30, 2024.
Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with
accounting principles generally accepted in the United States of America (GAAP). 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: NOTE C – INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with
accounting principles generally accepted in the United States of America (GAAP). 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: The Home has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The Home used its negotiated indirect cost rate of 13.5% through July 31, 2023 and 10.3% through June 30, 2024.
The Home has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The
Home used its negotiated indirect cost rate of 13.5% through July 31, 2023 and 10.3% through June 30, 2024.
Title: NOTE D – RECONCILIATION TO AUDITED FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with
accounting principles generally accepted in the United States of America (GAAP). 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: The Home has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The Home used its negotiated indirect cost rate of 13.5% through July 31, 2023 and 10.3% through June 30, 2024.
See Table in notes to SEFA.