Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The SEFA is prepared on the same basis of accounting as Granite United Way's financial statements. Granite United Way uses the accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The United Way elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
The SEFA includes the federal grant activity of Granite United Way, 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 the Office of Management and Budget (OMB) Uniform Guidance. Because the schedule represents only a selected portion of the operations of the United Way, it is not intended to and does not represent the financial position, changes in net assets, or cash flows of the United Way.
Title: Basis of Accounting
Accounting Policies: The SEFA is prepared on the same basis of accounting as Granite United Way's financial statements. Granite United Way uses the accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The United Way elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
This schedule is prepared on the same basis of accounting as the United Way's financial statements. The United Way uses the accrual basis of accounting. Expenditures represent only the federally funded portions of the program. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: Program Costs
Accounting Policies: The SEFA is prepared on the same basis of accounting as Granite United Way's financial statements. Granite United Way uses the accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The United Way elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs could be more than shown. Such expenditures are recognized following, as applicable, either the cost principles in the OMB Circular A-122, Cost Principles for Non-profit Organizations, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Major Programs
Accounting Policies: The SEFA is prepared on the same basis of accounting as Granite United Way's financial statements. Granite United Way uses the accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The United Way elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
In accordance with OMB Uniform Guidance, major programs are determined using a risk-based approach. Programs in the accompanying Schedule are determined by the independent auditor to be major programs.
Title: Indirect Cost Rate
Accounting Policies: The SEFA is prepared on the same basis of accounting as Granite United Way's financial statements. Granite United Way uses the accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The United Way elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
The amount expended includes $242,500 claimed as an indirect cost recovery. The United Way elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.