Notes to SEFA
Title: NOTE 1 BASIS OF PRESENTATION
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 are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization does not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The indirect cost rate used by the Organization is in accordance with the federal grant agreements.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the After-School All-Stars (the “Organization”) 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 the 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.
Title: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization does not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The indirect cost rate used by the Organization is in accordance with the federal grant agreements.
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: NOTE 3 INDIRECT COST RATE
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 are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization does not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The indirect cost rate used by the Organization is in accordance with the federal grant agreements.
The Organization does not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The indirect cost rate used by the Organization is in accordance with the federal grant agreements.
Title: NOTE 4 RELATIONSHIP OF SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO THE FINANCIAL STATEMENTS
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 are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization does not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The indirect cost rate used by the Organization is in accordance with the federal grant agreements.
Consistent with management’s policy, federal awards are recorded in separate revenue accounts in the general ledger but are reported under grants and contributions in the statements of activities presented in the Organization’s financial statements for the year ended June 30, 2024.