Notes to SEFA
Title: Reporting Entity
Accounting Policies: The accounting policies and presentation of the Single Audit Report of New Horizons Properties IV, Inc. (the Organization) have been designed to conform to generally accepted accounting principles as applicable to non-profit organizations, including the reporting and compliance required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10% de minimis cost rate for indirect costs.
The reporting entity consists of the Organization, a not-for-profit Florida corporation. The Organization includes a Schedule of Expenditures of Federal Awards in the Compliance Section.
Title: Basis of Accounting
Accounting Policies: The accounting policies and presentation of the Single Audit Report of New Horizons Properties IV, Inc. (the Organization) have been designed to conform to generally accepted accounting principles as applicable to non-profit organizations, including the reporting and compliance required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10% de minimis cost rate for indirect costs.
Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus.