Notes to SEFA
Title: Subrecipents
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "schedule") includes the federal award activity
of Youthbuild Lake County, Inc. and Subsidiary (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, functional expenses, or cash flows of the Organization.
Expenditures reported on the schedule are reported on the accrual basis of accounting principles generally accepted in the United States. 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 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: Youthbuild Lake County, Inc. has not elected to use the 10-percent de minimus cost rate allowed under the Uniform Guidance.
Youthbuild Lake County, Inc. does not have any sub-recipients of federal or state awards