Notes to SEFA
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: Summary of Significant Accounting Policies: The accounting policies of Project 658 conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations. Basis of Accounting: Expenditures reported on 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. For cost reimbursement awards, revenues are recognized to the extent of expenditures. Expenditures have been recognized to the extent the related obligation was incurred within the applicable grant period. For performance based awards, revenues are recognized to the extent of performance achieved during the grant period.
De Minimis Rate Used: N
Rate Explanation: Project 658 has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Project 658 has no federal awards for which an indirect cost rate is applicable.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Project 658, Inc. (Project 658 or the Organization) under programs of the federal government for the year ended June 30, 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 Project 658, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Project 658.
Title: NOTE 3 - INDIRECT COST RATE
Accounting Policies: Summary of Significant Accounting Policies: The accounting policies of Project 658 conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations. Basis of Accounting: Expenditures reported on 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. For cost reimbursement awards, revenues are recognized to the extent of expenditures. Expenditures have been recognized to the extent the related obligation was incurred within the applicable grant period. For performance based awards, revenues are recognized to the extent of performance achieved during the grant period.
De Minimis Rate Used: N
Rate Explanation: Project 658 has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Project 658 has no federal awards for which an indirect cost rate is applicable.
Project 658 has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Project 658 has no federal awards for which an indirect cost rate is applicable.