Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures 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 normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: Love Little Children, Inc. elected to use the 10% de minimis indirect cost rate for the year ended September 30, 2024.
The accompanying Schedule of Expenditures of Federal and State Awards (the "Schedule") includes the Federal and State grant activity of Love Little Children, Inc. under programs of the federal, state, and county government for the year ended September 30, 2024. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Because the schedule presents only a selected portion of the operations of Love Little Children, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Love Little Children, Inc.
Title: Loan and Loan Guarantee
Accounting Policies: Expenditures 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 normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: Love Little Children, Inc. elected to use the 10% de minimis indirect cost rate for the year ended September 30, 2024.
Love Little Children, Inc. did not have any balances of loan and loan guarantee programs outstanding at September, 30 2024 for loans described in 2 CFR section 200.50(b).