Notes to SEFA
Accounting Policies: Note 1 - Basis of Presentation The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Metro Community Ministries, Inc. 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 Metro Community Ministries, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Metro Community Ministries, Inc. Note 2 - Summary of Significant 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 as to reimbursement. Note 3 – Indirect Cost Rate Metro Community Ministries, Inc. has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Note 4 – Loans Outstanding Metro Community Ministries, Inc. did not have any loan balance outstanding as of June 30, 2024. Note 5 – Cluster Metro Community Ministries, Inc. did not have any federal clusters. Note 6 – Subrecipients Metro Community Ministries, Inc. did not have any subrecipients for the year ended June 30, 2024. Note 7 – Exempt Status Metro Community Ministries, Inc. is exempt from income taxation under IRC 501c3.
De Minimis Rate Used: N
Rate Explanation: N/A