Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedules 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.
De Minimis Rate Used: N
Rate Explanation: Did not use the de minimis cost rate.
The accompanying Schedules of Expenditures of Federal Awards, Other State Funding and Local
Financial Assistance (the Schedules) includes the federal awards, other state and local funding of
New Horizons of the Treasure Coast, Inc. (the Organization) for the year ended June 30, 2024.
The information in the Schedule of Expenditures of Federal Awards 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 Schedules present 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 position, or cash flows
of the Organization.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedules 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.
De Minimis Rate Used: N
Rate Explanation: Did not use the de minimis cost rate.
The Organization did not elect to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.