Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of The Mental Health Association of New York City, Inc. (d/b/a Vibrant Emotional Health) (the Organization) 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 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 Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: The Organization used an indirect cost rate of 21.2% for all programs for the year ended June 30, 2024. The reimbursement of indirect costs reflected in the accompanying financial statements as federal grants revenue is subject to final approval by federal grantors and could be adjusted upon the results of these reviews. Management believes that the results of any such adjustments will not be material to the Organization’s financial position or change in net assets. The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following cost principles contained in the Uniform Guidance wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Subsequent Events
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of The Mental Health Association of New York City, Inc. (d/b/a Vibrant Emotional Health) (the Organization) 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 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 Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: The Organization used an indirect cost rate of 21.2% for all programs for the year ended June 30, 2024. The reimbursement of indirect costs reflected in the accompanying financial statements as federal grants revenue is subject to final approval by federal grantors and could be adjusted upon the results of these reviews. Management believes that the results of any such adjustments will not be material to the Organization’s financial position or change in net assets. The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization has evaluated subsequent events occurring after the financial statements date of
June 30, 2024 through November 25, 2024, except for the Organization’s report on the supplemental
schedule of expenditures of federal awards, for which the subsequent events date is February 3, 2025,
which is the date these financial statements were available to be issued. No events arose during
those periods that would require adjustments or additional disclosures.