Notes to SEFA
Title: OTHER INFORMATION
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal and non-federal awards (the "Schedule")
includes the federal and non-federal award activity of United States Veterans Initiative and
Subsidiaries (the "Organization") under programs of the federal and other government agencies
for the year ended June 30, 2024, as well as federal contracts and state and local awards. 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 the Organization, it is not intended to and
does not present the financial position, changes in net assets, or cash flows of the Organization.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 limited as to reimbursement. Pass_x0002_through entity identifying numbers are presented where available and applicable.
De Minimis Rate Used: N
Rate Explanation: U.S.VETS has elected not to use the 10% de minimis indirect cost rate for federal awards.
U.S.VETS applies indirect costs in accordance with the specific terms of its federal award agreements.
The federal award of $1,900,000 from the County of Riverside, Assistance Listing 21.027, is a
loan. Loans outstanding at the beginning of the year and loans made during the year are included
in the federal expenditures represented in the Schedule. There were no new loans made during
the year and the amount reported as federal expenditures is the same as the June 30, 2023
balance. U.S.VETS did not receive federal insurance or non-cash assistance during the year
ended June 30, 2024.