Notes to SEFA
Title: GENERAL INFORMATION
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting. The amounts reported in the Schedule as expenditures may differ from certain financial reports submitted to federal, state, and other funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: ENPWDC has made an election pursuant to Title 2 U.S. Code of Federal Regulations Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, to receive a 10% de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Eastern North Philadelphia Workforce Development Corporation (“ENPWDC”) under programs of the federal government for the year ended June 30, 2024. 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”). Because the Schedule presents only a selected portion of the operations of ENPWDC, it is not intended to, and does not, present the financial position, changes in net assets (deficit), or cash flows for ENPWDC.
Title: RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting. The amounts reported in the Schedule as expenditures may differ from certain financial reports submitted to federal, state, and other funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: ENPWDC has made an election pursuant to Title 2 U.S. Code of Federal Regulations Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, to receive a 10% de minimis indirect cost rate.
Federal awards expenditures are reported on the statements of activities and changes in net assets (deficit) as program and management and general administrative expenses. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the Schedule due to program expenditures exceeding grant or contract budget limitations or capitalization policies required by accounting principles generally accepted in the United States of America which are not included as federal awards.