Notes to SEFA
Title: Basis of presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with U.S. GAAP. 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 has an approved rate agreement with Department of Health and Human Services to be used on grants and contracts with the Federal Government.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Independence Now, Inc. under programs of the federal government for the year ended September 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 Independence Now, Inc., it is not intended to and does not present the financial position, changes in net assets, functional expenses, or cash flows of Independence Now, Inc.
Title: Summary of significant accounting policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with U.S. GAAP. 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 has an approved rate agreement with Department of Health and Human Services to be used on grants and contracts with the Federal Government.
Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with U.S. GAAP. 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: Indirect cost rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with U.S. GAAP. 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 has an approved rate agreement with Department of Health and Human Services to be used on grants and contracts with the Federal Government.
Independence Now has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Reconciliation of revenue
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with U.S. GAAP. 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 has an approved rate agreement with Department of Health and Human Services to be used on grants and contracts with the Federal Government.
The reconciliation of the Schedule of Expenditures of Federal Awards to the
Statement of Activities and Changes in Net Assets is as follows:
Schedule of Expenditures of Federal Awards $ 1,079,726
Other grants 204,823
Total contributions - grants $ 1,284,549