Notes to SEFA
Title: Note 1 - General
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Auditee elected not to use the 10% de minimis cost rate
The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs of Magnolia Women’s Recovery Programs, Inc. Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies are included in the schedule. The information in this SEFA 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).
Title: Note 2 - Basis of Accounting
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Auditee elected not to use the 10% de minimis cost rate
The accompanying SEFA is presented using the accrual basis of accounting.
Title: Note 3 - Relationship to Basic Financial Statements
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Auditee elected not to use the 10% de minimis cost rate
Federal award expenditures agree or can be reconciled with the amounts reported in the Organization’s financial statements.
Title: Note 4 - Indirect Cost Rate
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Auditee elected not to use the 10% de minimis cost rate
The Organization does not elect to use the 10% de minimis cost rate.