Notes to SEFA
Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: SEE NOT 2
De Minimis Rate Used: N
Rate Explanation: SEE NOT 3
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Safe Passages (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: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: SEE NOT 2
De Minimis Rate Used: N
Rate Explanation: SEE NOT 3
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-through entity identifying numbers are presented where available and applicable.
Title: NOTE 3 – INDIRECT COST RATE
Accounting Policies: SEE NOT 2
De Minimis Rate Used: N
Rate Explanation: SEE NOT 3
The Organization has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The Organization applies indirect cost in accordance with the specific terms of its federal agreements.