Notes to SEFA
Title: Combining Statement of Activities
Accounting Policies: Schedule of Expenditures of Federal and State Awards
The accompanying Schedule of Expenditures of Federal and State Awards (the Schedule) includes the federal and state grant activity of SVDH under programs of the federal and state governments for the year ended June 30, 2024. The information in the schedule is presented in accordance with the requirements Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance), and with the requirements of the California Department of Education issued Audit Guide. Because the schedule presents only a selected portion of the operations of SVDH, it is not intended to, and does not present, the financial position, changes in net assets or cash flows of SVDH. 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.
De Minimis Rate Used: N
Rate Explanation: SVDH did not elect to use the ten percent de minimis cost rate for the year ended June 30, 2024. No federal assistance has been provided to a subrecipient.
The combining statement of activities is required by the California Department of Education. The combining statement of activities presents the individual program financial results of operation for each significant agency program.
Title: Child Development Program Schedules
Accounting Policies: Schedule of Expenditures of Federal and State Awards
The accompanying Schedule of Expenditures of Federal and State Awards (the Schedule) includes the federal and state grant activity of SVDH under programs of the federal and state governments for the year ended June 30, 2024. The information in the schedule is presented in accordance with the requirements Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance), and with the requirements of the California Department of Education issued Audit Guide. Because the schedule presents only a selected portion of the operations of SVDH, it is not intended to, and does not present, the financial position, changes in net assets or cash flows of SVDH. 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.
De Minimis Rate Used: N
Rate Explanation: SVDH did not elect to use the ten percent de minimis cost rate for the year ended June 30, 2024. No federal assistance has been provided to a subrecipient.
The child development program audited attendance and expenditure reports are prepared on the grant basis of accounting rather than the accrual basis of accounting and reconcile the grant reports for amounts received from the California Department of Education to the final audited amounts and the schedules of renovation and repair and equipment expenditures provides information about specific uses of state funds. The following differences between the grant basis of accounting and generally accepted accounting principles that may exist in these schedules are as follows:
Capital outlay costs are expensed on grant reports and capitalized under generally accepted accounting principles.
The child development program schedules do not present net assets released from restrictions andrestricted revenues and expenditures in the same manner as they would be presented under generally accepted accounting principles.
As of June 30, 2024, the Agency did not claim any interest expense, rent expense, or bad debt expense.