Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Union of Pan Asian Communities under programs of the federal government for the year ended June 30, 2024. The information in this 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 UPAC, it is not intended to and does not present the statements of financial position, activities, functional expenses, or cash flows.
De Minimis Rate Used: N
Rate Explanation: UPAC did not elect to use the 10% de minimus cost rate as covered in the Uniform Guidance 2 CFR section 200.414 Indirect costs.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Union of Pan Asian Communities under programs of the federal government for the year ended June 30, 2024. The information in this 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 UPAC, it is not intended to and does not present the statements of financial position, activities, functional expenses, or cash flows.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Union of Pan Asian Communities under programs of the federal government for the year ended June 30, 2024. The information in this 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 UPAC, it is not intended to and does not present the statements of financial position, activities, functional expenses, or cash flows.
De Minimis Rate Used: N
Rate Explanation: UPAC did not elect to use the 10% de minimus cost rate as covered in the Uniform Guidance 2 CFR section 200.414 Indirect costs.
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, where certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Union of Pan Asian Communities under programs of the federal government for the year ended June 30, 2024. The information in this 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 UPAC, it is not intended to and does not present the statements of financial position, activities, functional expenses, or cash flows.
De Minimis Rate Used: N
Rate Explanation: UPAC did not elect to use the 10% de minimus cost rate as covered in the Uniform Guidance 2 CFR section 200.414 Indirect costs.
UPAC did not elect to use the 10% de minimus cost rate as covered in the Uniform Guidance 2 CFR section 200.414 Indirect costs.