Notes to SEFA
Title: Basis of Presentation
Accounting Policies: This schedule of federal awards includes the federal program activity of Love-N-Home Child Care, Inc. and is presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles containted in the Uniform guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Love-N-Home Child Care, Inc. does not charge indirect cost rates and charges 100% of their costs directly.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Love-N-Home Child Care, Inc. under programs of the federal governments for the year ended September 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 Principals, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Love-N-Home Child Care, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: Subrecipient Awards
Accounting Policies: This schedule of federal awards includes the federal program activity of Love-N-Home Child Care, Inc. and is presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles containted in the Uniform guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Love-N-Home Child Care, Inc. does not charge indirect cost rates and charges 100% of their costs directly.
No federal financial assistance has been provided to a subrecipient.