Notes to SEFA
Title: 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: Y
Rate Explanation: The Organization used the 10% de minimis indirect cost rate on all programs where the budget allows.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Interborough Developmental and Consultation Center, Inc. (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 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: Subsequent Events
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: Y
Rate Explanation: The Organization used the 10% de minimis indirect cost rate on all programs where the budget allows.
The Organization has evaluated subsequent events occurring after the consolidated financial statements’ date of June 30, 2024 through November 27, 2024, except for our report on the supplemental schedule of expenditures of federal awards, 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.