Notes to SEFA
Title: Note 2: Basis of Accounting
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the Federal grant activity of the Higher Horizons Day Care Center, Inc. under programs of the federal government for the year ended June 30, 2024. The information in this schedule is presented in accordance with requirements of the 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 Higher Horizons Day Care Center, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Higher Horizons Day Care Center, Inc.
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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Higher Horizons Day Care Center, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
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 to reimbursement. Pass-through entity identifying numbers are presented where available.
Title: Note 4: Sub-Recipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the Federal grant activity of the Higher Horizons Day Care Center, Inc. under programs of the federal government for the year ended June 30, 2024. The information in this schedule is presented in accordance with requirements of the 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 Higher Horizons Day Care Center, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Higher Horizons Day Care Center, Inc.
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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Higher Horizons Day Care Center, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Higher Horizons Day Care Center, Inc. does not have any sub-recipients and therefore has not incurred subrecipient expenditures during the year ended June 30, 2024.