Notes to SEFA
Accounting Policies: Note 1 Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) summarizes the expenditures of the federal award activity of Building Opportunities for Self-Sufficiency (BOSS) under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U. S. Code of Federal Regulations (CFR) 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 BOSS, it is not intended to and does not present the financial position, changes in net position or cash flows for the BOSS.For purposes of the Schedule, federal awards include all grants and contracts entered into directly between BOSS, agencies, and departments of the federal government. The awards are classified into major program categories in accordance with the provisions of the Uniform Grant Guidance.Note 2 Basis of AccountingExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U. S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (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 course of business to amounts reported as expenditures in prior years.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 shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.Note 3 Indirect Cost RateBOSS elected not to use the ten percent federal de minimis cost rate allowed under Title 2 U. S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) as it has a negotiated indirect cost rate in place. Note 4 Relationship of Schedule of Expenditures of Federal Awards to Financial StatementsConsistent with managements policy, federal awards are recorded in various revenue categories. As a result, the amount of total federal awards expended on the Schedule does not agree to total grant revenue on the Statement of Activities and Changes in Net Assets as presented in BOSSs Report on Audited Financial Statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. It has a negotiated rate in place.