Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of HeartShare Human Services of New York and Affiliates (collectively, HeartShare and Affiliates) 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 HeartShare and Affiliates, it is not intended to and does not present the financial position, changes in net assets, or cash flows of HeartShare and Affiliates.
De Minimis Rate Used: N
Rate Explanation: HeartShare and Affiliates have elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. HeartShare and Affiliates used a provisional approval to use an indirect cost rate of 13.60% for the Unaccompanied Children Program and the Youth Homelessness Demonstration Program. HeartShare and Affiliates’ claims for indirect costs for all other programs are limited to the amounts or rates allowed in the contract or budget.
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.
Title: Subsequent Events
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of HeartShare Human Services of New York and Affiliates (collectively, HeartShare and Affiliates) 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 HeartShare and Affiliates, it is not intended to and does not present the financial position, changes in net assets, or cash flows of HeartShare and Affiliates.
De Minimis Rate Used: N
Rate Explanation: HeartShare and Affiliates have elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. HeartShare and Affiliates used a provisional approval to use an indirect cost rate of 13.60% for the Unaccompanied Children Program and the Youth Homelessness Demonstration Program. HeartShare and Affiliates’ claims for indirect costs for all other programs are limited to the amounts or rates allowed in the contract or budget.
HeartShare and Affiliates have evaluated subsequent events occurring after the consolidated financial statements date of June 30, 2024 through November 27, 2024, except for our report on the Schedule, for which the subsequent events date is March 31, 2025, which is the date these consolidated financial statements were available to be issued. No events arose during the period that would require adjustments or additional disclosures.