Notes to SEFA
Title: Loan/ Loan Guarantee
Accounting Policies: The accompanying schedule of expenditures of federal and state awards includes the federal and State spending of the United Way of Pitt County, Inc. (the "Organization") and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Unform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not represent the financial position of the Organization.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended June 30, 2024, the United Way of Pitt County, Inc. did not elect to use this rate.
The United Way of Pitt County, Inc. did not have any federal loans or loan guarantees outstanding during the year ended June 30, 2024.
Title: Noncash Assistance and Other
Accounting Policies: The accompanying schedule of expenditures of federal and state awards includes the federal and State spending of the United Way of Pitt County, Inc. (the "Organization") and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Unform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not represent the financial position of the Organization.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended June 30, 2024, the United Way of Pitt County, Inc. did not elect to use this rate.
The United Way of Pitt County, Inc. did not receive any noncash assistance or federally funded insurance during the year ended June 30, 2024.
Title: Contingencies
Accounting Policies: The accompanying schedule of expenditures of federal and state awards includes the federal and State spending of the United Way of Pitt County, Inc. (the "Organization") and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Unform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not represent the financial position of the Organization.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended June 30, 2024, the United Way of Pitt County, Inc. did not elect to use this rate.
Grant monies received and disbursed by the United Way of Pitt County, Inc. are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon experience, the United Way of Pitt County, Inc. does not believe that such disallowance, if any, would have a material effect on the financial position of United Way of PItt County, Inc.