Notes to SEFA
Title: General Information
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 to reimbursement.
De Minimis Rate Used: N
Rate Explanation: VMC has not elected to use the 10% de minimus indirect cost rate for all federal grants.
The accompanying schedule of expenditures of federal awards presents all of the federal program activites of Veterans Multi-Service, Inc.. 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, Costs Principles. All financial assistance received directly from federal agencies, as well as financial assistance passed though other governmental agencies or nonprofit organizations, is included on the schedule.
Title: Basis of Accounting
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 to reimbursement.
De Minimis Rate Used: N
Rate Explanation: VMC has not elected to use the 10% de minimus indirect cost rate for all federal grants.
The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. The amounts reported in the schedule may differ from certain financial reports submitted to funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
Title: Relationship to Basic Financial Statements
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 to reimbursement.
De Minimis Rate Used: N
Rate Explanation: VMC has not elected to use the 10% de minimus indirect cost rate for all federal grants.
Federal awards are reported on the statement of functional expenses as program expenses. In certain programs, the expenditures reported in the basis financial statements may differ from the expenditures reported in the schedule of expenditures of federal awards due to program expenditures exceeding grant or contract budget limitations or agency matching or in-kind contributions which are not included.
Title: 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 to reimbursement.
De Minimis Rate Used: N
Rate Explanation: VMC has not elected to use the 10% de minimus indirect cost rate for all federal grants.
VMC has not elected to use the 10% de minimus indirect cost rate for all federal grants.