Notes to SEFA
Title: 1. Basis of Presentation
Accounting Policies: (a) 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. (b) Jerusalem Judson Meadows, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. (c) The outstanding balance of loan and loan guarantee program at September 30, 2024 with continuing compliance requirements which are reported as federal expenditures on the accompanying schedule of expenditures of federal awards was $2,526,696.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the
federal grant activity of Jerusalem Judson Meadows, Inc. 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 (CFR) Part 200, Uniform Administrative Requirements,
Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore,
some amounts presented in this Schedule may differ from amounts presented in, or used in the
preparation of, the basic financial statements.