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 reimbursements.
De Minimis Rate Used: Y
Rate Explanation: The auditee has electec not to use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Salah M. Hassanein Variety of Boys & Girls Club of Queens, Inc. 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 Guide). Because the schedule presents only a selected portion of the operations of Salah M. Hassanein Variety of Boys & Girls Club of Queens, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Salah M. Hassanein Variety of Boys & Girls Club of Queens, Inc.
Title: 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 reimbursements.
De Minimis Rate Used: Y
Rate Explanation: The auditee has electec not to use the de minimis cost rate.
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 reimbursements.
Title: 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 reimbursements.
De Minimis Rate Used: Y
Rate Explanation: The auditee has electec not to use the de minimis cost rate.
Salah M. Hassanein Variety of Boys & Girls Club of Queens, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.