Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the modified cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards
(the “Schedule”) includes the federal grant activity of The Chambers County Council for
Neglected and Dependent Children and Youth, Inc. (the “Organization”) under programs
of the federal government for the year ended September 30, 2024. The information in
this Schedule is presented in accordance with Title 2 U.S. Code of Federal Regulations
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents
only a selected portion of the operations of The Chambers County Council for Neglected
and Dependent Children and Youth, Inc., some amounts presented may differ from
amounts presented in, or used in the preparation of, the basic financial statements.
Expenditures reported on the Schedule are reported on the modified cash 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. Indirect cost rate - The Organization has elected not to use the 10% de minimis indirect
cost rate allowed under the Uniform Guidance. The Organization uses the direct
allocation method for joint administrative costs. Such costs are prorated individually and
applied as direct costs to each award in accordance with approved program budgets.
Title: Fiscal Period Audited
Accounting Policies: Expenditures reported on the Schedule are reported on the modified cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate.
Single Audit testing procedures were performed for program transactions occurring during the fiscal year ended September 30, 2024.