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. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The allocations of expenses shown on the Statement of Functional Expenses were made by direct assignment of costs to functional categories where a direct relationship exists. Other common expenses have been allocated to separate functional categories based on management’s estimate of time spent in each area. Costs of providing various programs and other activities have been summarized on a functional basis in the Statement of Functional Expenses. Accordingly, certain costs have been allocated among the programs and supporting services benefited. Program expenses in the accompanying Statement of Functional Expenses include certain amounts for salaries and other management and general expenses, which are properly charged as program costs to various grants.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Monsoon Asians & Pacific Islanders in Solidarity under programs of the federal government for the year ended September 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 Monsoon Asians & Pacific Islanders in Solidarity, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Monsoon Asians & Pacific Islanders in Solidarity.