Notes to SEFA
Title: Note D - Non-Cash Awards:
Accounting Policies: Note A - Basis of Presentation:
The accompanying schedule of expenditures of federal awards includes the federal award activity of Two Rivers Head Start Agency (the Agency) under programs of the federal government for the year ended August 31, 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 Agency, it is not intended to and does not represent the financial position, changes in net assets, or cash flows of the Agency.
Note B - Summary of Significant Accounting Policies:
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Agency has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Agency did not have any outstanding federal loans or loan guarantees or insurance and did not receive any federal non-cash awards during the year ended August 31, 2024.