Notes to SEFA
Title: Note 1. 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 in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The entity does not use the 10% rate option as it negotiates a formal indirect rate agreement with its oversight agency for use on all federal grants.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of International Orthodox Christian Charities, Inc. and Affiliate (IOCC) under programs of the federal government for the year ended December 31, 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 IOCC, it is not intended to and does not present the financial position, changes in net assets, or cash flows of IOCC.
Title: Note 2. Summary of Significant Accouting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The entity does not use the 10% rate option as it negotiates a formal indirect rate agreement with its oversight agency for use on all federal grants.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: Note 3. 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 in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The entity does not use the 10% rate option as it negotiates a formal indirect rate agreement with its oversight agency for use on all federal grants.
IOCC has elected not to use the 10% de minimus cost rate allowed under the Uniform Guidance.
Title: Note 4. Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The entity does not use the 10% rate option as it negotiates a formal indirect rate agreement with its oversight agency for use on all federal grants.
Amounts to subrecipients shown separately on the Schedule are also a component of the federal expenditures presented.
With respect to federal award provided by IOCC to subrecipients, the federal awards are deemed to be expended by IOCC when the funds are disbursed to subrecipients.