Notes to SEFA
Title: 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 contained in OMB Circular A-122, 'Cost Principles for Non-Profit Organizations' or 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: BT of ARK, Inc. has elected not to use the 10% de minimus indirect cost rate allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of BT of ARK, Inc. under programs of the federal government as of and for the year ended December 31, 2023. 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 the Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of BT of ARK, Inc.
Title: Direct Loan Program
Accounting Policies: 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' or 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: BT of ARK, Inc. has elected not to use the 10% de minimus indirect cost rate allowed under Uniform Guidance.
BT of ARK, Inc. has received a direct loan under the Section 202 Direct Loan program. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The loan balance as of December 31, 2023 is $645,876.
Title: Subrecipients
Accounting Policies: 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' or 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: BT of ARK, Inc. has elected not to use the 10% de minimus indirect cost rate allowed under Uniform Guidance.
No awards were passed through to subrecipients during the year ended December 31, 2023.