Notes to SEFA
Title: NOTE A-BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the SEFA 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 allowed or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: THE AUDITEE USED THE DE MINIMUS COST RATE
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of the Youngstown Neighborhood Development Corporation under programs of the federal government for the year ended December 31, 2024, 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 SEFA presents only a selected portion of the operations of the Youngstown Neighborhood Development Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Youngstown Neighborhood Development Corporation.
Title: NOTE B-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the SEFA 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 allowed or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: THE AUDITEE USED THE DE MINIMUS COST RATE
Expenditures reported on the SEFA 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 allowed or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
Title: NOTE C-INDIRECT COST RATE
Accounting Policies: Expenditures reported on the SEFA 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 allowed or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: THE AUDITEE USED THE DE MINIMUS COST RATE
Youngstown Neighborhood Development Corporation has elected to use the 10-percent de minimus cost rate as allowed under the Uniform Guidance.