Title: Note A - 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. Because the schedule presents only a select portion of the operations of the Organization, it is not intended to, and does not present the financial position, changes in net assets, or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: Shenango Valley Urban League has elected not use the 10-precent de minimis indirect cost rate allowed under the Uniform Guidance. Shenango Valley Urban League applies an indirect cost rate provided by the National Urban League, Inc. The Organization must submit a proposal six months after year end to establish a final rate and may have to repay funds if the rate established is less than the provisional rate originally provided. The provisional rate for the current fiscal year was established as 41.51% for the year ended June 30, 224. The Organization used an indirect cost rate of 29.96% for the year ended June 30, 2024.
General Information: The supplementary schedule of expenditures of federal awards is presents the activities of all the federal financial assistance programs of Shenango Valley Urban League, Inc. All financial assistance received directly from federal agencies as well as financial assistance passed through other governmental agencies or not-for-profit organizations are included on the schedule.
Basis of Accounting: The supplementary schedule of expenditures of federal awards is presented using the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amount presented in, or used in the preparation of the financial statements. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted on either a cash or a modified accrual basis of accounting.
Title: Note B - Accrued or Deferred Revenue
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. Because the schedule presents only a select portion of the operations of the Organization, it is not intended to, and does not present the financial position, changes in net assets, or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: Shenango Valley Urban League has elected not use the 10-precent de minimis indirect cost rate allowed under the Uniform Guidance. Shenango Valley Urban League applies an indirect cost rate provided by the National Urban League, Inc. The Organization must submit a proposal six months after year end to establish a final rate and may have to repay funds if the rate established is less than the provisional rate originally provided. The provisional rate for the current fiscal year was established as 41.51% for the year ended June 30, 224. The Organization used an indirect cost rate of 29.96% for the year ended June 30, 2024.
The amounts reported in this schedule as revenue and expenditures may differ from certain financial reports submitted to federal, state, or city funding agencies due to those reports being submitted for different reporting periods. There was no accrued or deferred revenue recorded as of June 30, 2024 and 2023. The following is a reconciliation of grant awards and the fiscal year of revenue recognition. See the Notes to the SEFA for chart/table
Title: Note C - Identifying Number Assigned by Pass-Through Entities
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. Because the schedule presents only a select portion of the operations of the Organization, it is not intended to, and does not present the financial position, changes in net assets, or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: Shenango Valley Urban League has elected not use the 10-precent de minimis indirect cost rate allowed under the Uniform Guidance. Shenango Valley Urban League applies an indirect cost rate provided by the National Urban League, Inc. The Organization must submit a proposal six months after year end to establish a final rate and may have to repay funds if the rate established is less than the provisional rate originally provided. The provisional rate for the current fiscal year was established as 41.51% for the year ended June 30, 224. The Organization used an indirect cost rate of 29.96% for the year ended June 30, 2024.
The Uniform Guidance requires that the identifying number assigned by pass-through entities be included on the schedule of expenditures of federal awards. The counties do not assign an identifying number to their contract with the Organization. Therefore, there is no identifying number included on the schedule of expenditures of federal awards.
Title: Note D - Indirect Cost Rate
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. Because the schedule presents only a select portion of the operations of the Organization, it is not intended to, and does not present the financial position, changes in net assets, or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: Shenango Valley Urban League has elected not use the 10-precent de minimis indirect cost rate allowed under the Uniform Guidance. Shenango Valley Urban League applies an indirect cost rate provided by the National Urban League, Inc. The Organization must submit a proposal six months after year end to establish a final rate and may have to repay funds if the rate established is less than the provisional rate originally provided. The provisional rate for the current fiscal year was established as 41.51% for the year ended June 30, 224. The Organization used an indirect cost rate of 29.96% for the year ended June 30, 2024.
Shenango Valley Urban League has elected not use the 10-precent de minimis indirect cost rate allowed under the Uniform Guidance. Shenango Valley Urban League applies an indirect cost rate provided by the National Urban League, Inc. The Organization must submit a proposal six months after year end to establish a final rate and may have to repay funds if the rate established is less than the provisional rate originally provided. The provisional rate for the current fiscal year was established as 41.51% for the year ended June 30, 224. The Organization used an indirect cost rate of 29.96% for the year ended June 30, 2024.
Title: Note E - Summary of Significant Accounting Policies
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. Because the schedule presents only a select portion of the operations of the Organization, it is not intended to, and does not present the financial position, changes in net assets, or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: Shenango Valley Urban League has elected not use the 10-precent de minimis indirect cost rate allowed under the Uniform Guidance. Shenango Valley Urban League applies an indirect cost rate provided by the National Urban League, Inc. The Organization must submit a proposal six months after year end to establish a final rate and may have to repay funds if the rate established is less than the provisional rate originally provided. The provisional rate for the current fiscal year was established as 41.51% for the year ended June 30, 224. The Organization used an indirect cost rate of 29.96% for the year ended June 30, 2024.
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. Therefore, some amounts presented in this
schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
Because the schedule presents only a select portion of the operations of the Organization, it is not intended to, and
does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: Note F - Subrecipient Expenditures
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. Because the schedule presents only a select portion of the operations of the Organization, it is not intended to, and does not present the financial position, changes in net assets, or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: Shenango Valley Urban League has elected not use the 10-precent de minimis indirect cost rate allowed under the Uniform Guidance. Shenango Valley Urban League applies an indirect cost rate provided by the National Urban League, Inc. The Organization must submit a proposal six months after year end to establish a final rate and may have to repay funds if the rate established is less than the provisional rate originally provided. The provisional rate for the current fiscal year was established as 41.51% for the year ended June 30, 224. The Organization used an indirect cost rate of 29.96% for the year ended June 30, 2024.
The Organization did not pass any federal awards through to subrecipients during the fiscal year ended June 30, 2024.