Notes to SEFA
Title: NOTE 1 - GENERAL
Accounting Policies: The SEFA is presented using the accrual basis of accounting which is described in the notes to the Organization’s financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The SEFA includes both direct and indirect costs expended for all grants. The Organization bills indirect costs on reimbursable expenses not to exceed 10% of the grant award, per the funder’s direction.
The accompanying schedule of expenditures of federal and nonfederal awards (“SEFA”) presents the activity of all federal and nonfederal award programs of Harbor Interfaith Services, Inc. (the “Organization”) for the year ended December 31, 2023. The information in the SEFA is presented in accordance with the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States of America, and the audit 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 SEFA 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. Federal awards received directly from federal agencies as well as federal awards passed through and received directly from state and local agencies are included in the SEFA.
Title: NOTE 2 - BASIS OF ACCOUNTING
Accounting Policies: The SEFA is presented using the accrual basis of accounting which is described in the notes to the Organization’s financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The SEFA includes both direct and indirect costs expended for all grants. The Organization bills indirect costs on reimbursable expenses not to exceed 10% of the grant award, per the funder’s direction.
The SEFA is presented using the accrual basis of accounting which is described in the notes to the Organization’s financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement.
Title: NOTE 3 - RELATIONSHIP TO FEDERAL AWARDS REPORTS
Accounting Policies: The SEFA is presented using the accrual basis of accounting which is described in the notes to the Organization’s financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The SEFA includes both direct and indirect costs expended for all grants. The Organization bills indirect costs on reimbursable expenses not to exceed 10% of the grant award, per the funder’s direction.
Amounts reported in the SEFA agree with the amounts reported in the related federal, state and county financial reports for all major federal, state and county programs.
Title: NOTE 4 - INDIRECT COSTS
Accounting Policies: The SEFA is presented using the accrual basis of accounting which is described in the notes to the Organization’s financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The SEFA includes both direct and indirect costs expended for all grants. The Organization bills indirect costs on reimbursable expenses not to exceed 10% of the grant award, per the funder’s direction.
The SEFA includes both direct and indirect costs expended for all grants. The Organization bills indirect costs on reimbursable expenses not to exceed 10% of the grant award, per the funder’s direction.