Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 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 OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Calvary Towers, Inc. has not elected to use the 10 percent de minimis cost rate as allowed under the Uniform Guidance. The amount reported for the loan program was the beginning of the year balance, the balance at the end of the year was $730,977.
De Minimis Rate Used: N
Rate Explanation: Calvary Towers, Inc. has not elected to use the 10 percent de minimis cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activities of Calvary Towers, Inc. under programs of the Federal government for the year ended October 31, 2024, 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of Calvary Towers, Inc. it is not intended to and does not present the financial position, changes in net assets, or cash flows of Calvary Towers, Inc.
Title: Summary of Significant Accounting Policies
Accounting Policies: 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 OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Calvary Towers, Inc. has not elected to use the 10 percent de minimis cost rate as allowed under the Uniform Guidance. The amount reported for the loan program was the beginning of the year balance, the balance at the end of the year was $730,977.
De Minimis Rate Used: N
Rate Explanation: Calvary Towers, Inc. has not elected to use the 10 percent de minimis cost rate as 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 OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Calvary Towers, Inc. has not elected to use the 10 percent de minimis cost rate as allowed under the Uniform Guidance.
The amount reported for the loan program was the beginning of the year balance, the balance at the end of the year was $730,977.