Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Accrual basis of accounting and recognized following cost principles in the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Used de minimis cost rate
The accompanying schedule of expenditures of federal awards includes the federal award activity of Community Chest 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 Community Chest Inc, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Community Chest, Inc.
Title: Summary of Significant Accounting Policies
Accounting Policies: Accrual basis of accounting and recognized following cost principles in the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Used de minimis cost rate
Expenditures reported in 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. Pass-through entity identifying numbers are presented where available.
Title: Indirect Cost Rate
Accounting Policies: Accrual basis of accounting and recognized following cost principles in the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Used de minimis cost rate
The Organization has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance for all grants that do not specify a different rate.