Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: Full Cirlce has elected not to use the 10% de minimum indirect rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the subsidiaries of the California Alliance of Child and Family Services 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 California Alliance of Child and Family Services, it is not intended to and does not present the financial position, changes in or net assets, or cash flows of California Alliance of Child and Family Services. Only Full Circle subsidiary directly expended more than $750,000 in federal grants during the fiscal year ended June 30, 2024. Accordingly, Full Circle is the designated auditee for the purposes of the Single Audit and is responsible for filing the required Data Collection Form with the Federal Audit Clearinghouse.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: Full Cirlce has elected not to use the 10% de minimum indirect rate as allowed under the Uniform Guidance.
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, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: Full Cirlce has elected not to use the 10% de minimum indirect rate as allowed under the Uniform Guidance.
California Alliance of Child and Family Services has chosen to negotiate indirect costs rates rather than electing to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.