Notes to SEFA
Title: Note 1 - General
Accounting Policies: Expenditures reported in the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Kids Upstate has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Kids Upstate under the programs of the federal government for the year ended June 30, 2024 and has been prepared in accordance with accounting principles generally accepted in the United States of America. The information in the 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). All federal awards received directly from the federal agencies, as well as those passed through other government agencies, are included on the Schedule.
Title: Note 2 - Basis of Accounting
Accounting Policies: Expenditures reported in the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Kids Upstate has elected not to use the 10-percent de minimis indirect cost rate as 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 as to reimbursement. Amounts included in the Schedule are actual expenditures for the year ended June 30, 2024. Differences between amounts included in the Schedule and amounts reported to funding agencies for these programs result from report timing.
Title: Note 3 - Relationship to Financial Statements
Accounting Policies: Expenditures reported in the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Kids Upstate has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal award expenditures are reported in the Organization's financial statements as expenses in the Statement of Activities.
Title: Note 4 - Relationship to Federal Financial Reports
Accounting Policies: Expenditures reported in the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Kids Upstate has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Amounts reported in the accompanying schedule agree with the amounts reported in the related federal financial reports except for timing differences related to expenditures made subsequent to the filing of the federal financial reports.
Title: Note 5 - Indirect Cost Rate
Accounting Policies: Expenditures reported in the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Kids Upstate has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Kids Upstate has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.