Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Accrual Basis of Accounting
De Minimis Rate Used: Y
Rate Explanation: Oganization elected to use the de minimis cost rate as allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") include the federal awards activity of The HOPE Program, Inc. (the "Organization") for the year ended June 30, 2024. The information in the 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: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Accrual Basis of Accounting
De Minimis Rate Used: Y
Rate Explanation: Oganization elected to use the de minimis cost rate as allowed under Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognzied following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note 3 - Indirect Cost Rates
Accounting Policies: Accrual Basis of Accounting
De Minimis Rate Used: Y
Rate Explanation: Oganization elected to use the de minimis cost rate as allowed under Uniform Guidance.
The Organization has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.