Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 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 has not elected to use the 10-percent de minimus indirect cost rate as allowed under the Uniform
Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity
of United Methodist Family Services of Virginia and Subsidiaries (Organization) 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.
Title: Summary of Significant Accounting Policies
Accounting Policies: 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 has not elected to use the 10-percent de minimus indirect cost rate as allowed under the Uniform
Guidance.
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: Contingency
Accounting Policies: 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 has not elected to use the 10-percent de minimus indirect cost rate as allowed under the Uniform
Guidance.
The grant revenue amounts received and expensed are subject to audit and adjustment. If any expenditures are
disallowed by the grantor as a result of such an audit, any claim for reimbursement to the grantor would become a
liability of the Organization. In the opinion of management, all grant expenditures are in compliance with the terms
of the grant agreements and applicable federal and state laws and regulations.
Title: Indirect Cost Rate
Accounting Policies: 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 has not elected to use the 10-percent de minimus indirect cost rate as allowed under the Uniform
Guidance.
The Organization has not elected to use the 10-percent de minimus indirect cost rate as allowed under the Uniform
Guidance.