Title: NOTE 1 - Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule or SEFA) includes the federal grant activity of the Organization and is presented on the accrual basis of accounting.
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).
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% “de minimis” indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (Schedule or SEFA) includes
the federal grant activity of the Organization and is presented on the accrual basis of accounting.
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).
Federal awards are received on a reimbursement basis.
The following is a reconciliation of the federal expenditures shown in the statement of activities
and changes in net assets under the net assets released from restrictions caption and the total
expenditures in the Schedule of Expenditures of Federal Awards for the year ended June 30,
2024.
Federal Expenditures per Function:
Total salaries, payroll taxes and fringe benefits $ 1,175,565
Operating and administrative expenses 1,414,384
Indirect costs 169,554
Total federal expenditures for the year ended
June 30, 2024 as per the Schedule of
Expenditures of Federal Awards 2,759,503
Add: Other program services expenditures 3,749,112
Less: Property and equipment adquisitions (644,002)
Total program services expenditures $ 5,864,613
Title: NOTE 2 - Matching Costs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule or SEFA) includes the federal grant activity of the Organization and is presented on the accrual basis of accounting.
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).
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% “de minimis” indirect cost rate allowed under the Uniform Guidance.
Matching costs, such as the nonfederal share of certain program costs, are not included in the
accompanying Schedule.
Title: NOTE 3 - Indirect Cost Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule or SEFA) includes the federal grant activity of the Organization and is presented on the accrual basis of accounting.
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).
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% “de minimis” indirect cost rate allowed under the Uniform Guidance.
The Organization has not elected to use the 10% “de minimis” indirect cost rate allowed under
the Uniform Guidance.
Title: NOTE 4 – Cluster
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule or SEFA) includes the federal grant activity of the Organization and is presented on the accrual basis of accounting.
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).
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% “de minimis” indirect cost rate allowed under the Uniform Guidance.
Uniform Guidance defines a cluster of programs as a grouping of closely related programs that
have similar compliance requirements. The Schedule includes the following cluster:
Cluster Federal Program CFDA Program
TRIO Cluster Talent Search 84.044
Upward Bound 84.047