Notes to SEFA
Title: NOTE 3 – RECONCILIATION OF REVENUES AND EXPENSES
Accounting Policies: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
(2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal financial assistance revenues are reported in the Organization’s financial statements as follows:
Grants from Government Agencies (Revenues) $ 5,181,663
Timing Differences on Advances and Expenses (204,866)
Federal Financial Assistance per Accompanying Schedule of Expenditures of Federal Awards $ 4,976,795
Title: NOTE 4 – INDIRECT COST RATE
Accounting Policies: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
(2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Organization has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE 5 – INSURANCE COVERAGE
Accounting Policies: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
(2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Organization maintained insurance in the amount of $1,000,000 in general liability coverage during the year ended August 31, 2024.