Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following 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: Y
Rate Explanation: CareerWise has elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of CareerWise Colorado (CareerWise) 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 CareerWise, it is not intended to and does not present the financial position, changes in net assets, or cash flows of CareerWise.
Title: Program Income
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following 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: Y
Rate Explanation: CareerWise has elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
Program income reported under the addition method includes annual partner fees which are used for allowable grant activities that support the goals of the Youth Apprenticeship Readiness Grant (YARG), assistance listing number 17.285. For the year ended December 31, 2024, $30,800 in program income was received and subsequently used during the year.
Federal cost reimbursement expenses - YARG $ 768,059
Non-federal expenses, addition method - YARG 30,800
Total expenses - YARG $ 798,859