Title: BASIS OF PRESENTATION
Accounting Policies: EXPENDITURES REPORTED ON ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: THE ORGANIZATION RECEIVED VARIOUS FORMS OF NON-CASH ASSISTANCE
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of Jefferson County Child Development Council, Inc. under programs of the federal government for the year ended May 31, 2024. 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 only presents a selected portion of the operations of Jefferson County Child Development Council, Inc., it is not intended to and does not present the financial position, change in net assets or cash flows of Jefferson County Child Development Council, Inc.
Title: BASIS OF PRESENTATION
Accounting Policies: EXPENDITURES REPORTED ON ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: THE ORGANIZATION RECEIVED VARIOUS FORMS OF NON-CASH ASSISTANCE
For purposes of the SEFA, federal awards include all grants, contracts, and similar agreements entered into directly with the federal government and other pass-through entities. The Agency has obtained Assistance Listing Number (ALN) numbers to ensure that all programs have been identified in the SEFA. ALN numbers have been appropriately listed by applicable programs. Federal programs with different ALN numbers that are closely related because they share common compliance requirements are defined as a cluster by the Uniform Guidance.
Title: RELATIONS OF THE SCHEDULE TO PROGRAM FINANCIAL REPORTS
Accounting Policies: EXPENDITURES REPORTED ON ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: THE ORGANIZATION RECEIVED VARIOUS FORMS OF NON-CASH ASSISTANCE
The amounts reflected in the financial reports submitted to the awarding federal and/or pass-through agencies and the SEFA for the year end may differ. Some of the factors that may account for any differences include the following:
Title: RELATIONS OF THE SCHEDULE TO PROGRAM FINANCIAL REPORTS
Accounting Policies: EXPENDITURES REPORTED ON ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: THE ORGANIZATION RECEIVED VARIOUS FORMS OF NON-CASH ASSISTANCE
§ The Program’s fiscal year end may differ from the program’s year end.
Title: RELATIONS OF THE SCHEDULE TO PROGRAM FINANCIAL REPORTS
Accounting Policies: EXPENDITURES REPORTED ON ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: THE ORGANIZATION RECEIVED VARIOUS FORMS OF NON-CASH ASSISTANCE
§ Accruals recognized in the SEFA, because of year end procedures, may not be reported in the program financial reports until the next program reporting period.
Title: RELATIONS OF THE SCHEDULE TO PROGRAM FINANCIAL REPORTS
Accounting Policies: EXPENDITURES REPORTED ON ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: THE ORGANIZATION RECEIVED VARIOUS FORMS OF NON-CASH ASSISTANCE
§ Fixed asset purchased and the resultant depreciation charges are recognized as fixed assets in the Program’s financial statements and as expenditures in the program financial reports.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: EXPENDITURES REPORTED ON ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: THE ORGANIZATION RECEIVED VARIOUS FORMS OF NON-CASH ASSISTANCE
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.
Title: NONCASH ASSISTANCE AND IN-KIND CONTRIBUTIONS
Accounting Policies: EXPENDITURES REPORTED ON ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: THE ORGANIZATION RECEIVED VARIOUS FORMS OF NON-CASH ASSISTANCE
During the year ended 2024, the Organization received various forms of non-cash assistance, including in-kind contributions of goods and professional services. These contributions are recognized in the financial statements at their estimated fair value at the time of donation amounting to $302,542.
Title: INDIRECT COST RATE
Accounting Policies: EXPENDITURES REPORTED ON ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: THE ORGANIZATION RECEIVED VARIOUS FORMS OF NON-CASH ASSISTANCE
The Program elected not to use the 10% de minimis cost rate.