Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal and city awards (the "schedule") includes all federal and city grant activity of The Enterprise Center, The Enterprise Center Community Development Corporation, and The Enterprise Center Capital Corporation (collectively, the "Organization"), and 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 Requirement for Federal Awards (the "Uniform Guidance") and the City of Philadelphia Subrecipient Audit Guide. Because the schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of the Organization.
Expenditures reported on the schedule 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.
De Minimis Rate Used: N
Rate Explanation: The Organization used rates as noted in the grant agreements.