Notes to SEFA
Title: Note 1 - Basis of presentation
Accounting Policies: Expenditures reported on the schedule are reported on the modified 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.
De Minimis Rate Used: Y
Rate Explanation: Urban League of Middle Tennessee has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance for certain grants but entered into some agreements where the 10% de minimis indirect cost rate was used.
The accompanying Schedule of Federal and State Awards (the schedule) includes the federal, state, and local activity of Urban League of Middle Tennessee for the year ended June 30, 2024. The information in this schedule is presented in accordance with the requirements of the Code of Federal Regulations, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, Title 2, Section 200 (the Uniform Guidance). Because the schedule presents only selected portions of the operations of Urban League of Middle Tennessee it is not intended to and does not present the financial position, changes in net assets, or cash flows of Urban League of Middle Tennessee.
Title: Note 2 - Summary of significant accounting policies
Accounting Policies: Expenditures reported on the schedule are reported on the modified 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.
De Minimis Rate Used: Y
Rate Explanation: Urban League of Middle Tennessee has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance for certain grants but entered into some agreements where the 10% de minimis indirect cost rate was used.
Expenditures reported on the schedule are reported on the modified 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.
Title: Note 3 - Indirect cost rate
Accounting Policies: Expenditures reported on the schedule are reported on the modified 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.
De Minimis Rate Used: Y
Rate Explanation: Urban League of Middle Tennessee has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance for certain grants but entered into some agreements where the 10% de minimis indirect cost rate was used.
Urban League of Middle Tennessee has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance for certain grants but entered into some agreements where the 10% de minimis indirect cost rate was used.
Title: Note 4 - Program Costs
Accounting Policies: Expenditures reported on the schedule are reported on the modified 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.
De Minimis Rate Used: Y
Rate Explanation: Urban League of Middle Tennessee has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance for certain grants but entered into some agreements where the 10% de minimis indirect cost rate was used.
The amounts shown as expenditure represent only the federal award portion of the program costs. Entire program costs are more than shown. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.