Notes to SEFA
Title: Basis Of Accounting
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal award programs of Full Employment Council, Inc. (the Council) for the year ended June 30, 2024. All federal awards received directly from federal agencies, as well as federal awards passed through other governmental agencies, are included on the schedule.
De Minimis Rate Used: N
Rate Explanation: The Council has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance. The Council uses either a negotiated indirect cost rate or a rate agreed to in the grant agreement.
The expenditures for each of the federal financial assistance programs are presented in the Schedule on the accounting basis as presented in the financial statements. The accrual basis of accounting incorporates an estimation approach to determine the amount of expenditures incurred if not yet billed by a vendor. Thus, federal programs may present negative amounts on the Schedule as a result of prior year estimates being overstated and/or reimbursements due back to the grantor.
Title: Basis Of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal award programs of Full Employment Council, Inc. (the Council) for the year ended June 30, 2024. All federal awards received directly from federal agencies, as well as federal awards passed through other governmental agencies, are included on the schedule.
De Minimis Rate Used: N
Rate Explanation: The Council has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance. The Council uses either a negotiated indirect cost rate or a rate agreed to in the grant agreement.
The accompanying schedule of expenditures of federal awards includes the federal
grant activity of the Council and is presented on the accrual basis of accounting.
The information in this 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). Therefore, some amounts presented in this schedule may differ
from amounts presented in, or used in the preparation of, the basic financial
statements.
Title: Local Government Contributions
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal award programs of Full Employment Council, Inc. (the Council) for the year ended June 30, 2024. All federal awards received directly from federal agencies, as well as federal awards passed through other governmental agencies, are included on the schedule.
De Minimis Rate Used: N
Rate Explanation: The Council has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance. The Council uses either a negotiated indirect cost rate or a rate agreed to in the grant agreement.
Local cost sharing, as defined by the Uniform Guidance, is required by certain
federal grants. The amount of cost sharing varies with each program. Only the
federal share of expenditures is presented in the Schedule of Expenditures of
Federal Awards.
Title: Additional Audits
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal award programs of Full Employment Council, Inc. (the Council) for the year ended June 30, 2024. All federal awards received directly from federal agencies, as well as federal awards passed through other governmental agencies, are included on the schedule.
De Minimis Rate Used: N
Rate Explanation: The Council has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance. The Council uses either a negotiated indirect cost rate or a rate agreed to in the grant agreement.
Grantor agencies reserve the right to conduct additional audits of the Council’s
grant programs for economy and efficiency and program results which may result in
disallowed costs to the Council. However, management does not believe such audits
would result in any disallowed costs that would be material to the Council’s financial
position at June 30, 2024.