Notes to SEFA
Title: NOTE 1 - Basis of Presentation
Accounting Policies: The accompanying Schedule is presented on the accrual basis of accounting, which is
described in Note 2 to the financial statements. Such expenditures are recognized following
the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards (the “SEFA”) include federal
grant activities of the Gulf Coast Community Services Association, Inc. (the “Organization”)
under programs of the federal government for the year ended September 30, 2024. The
information in the SEFA 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). Because the
SEFA presents only a selected portion of the operations of the Organization, it is not intended
to and does not present the financial position, changes in net assets, or cash flows of the
Organization.
Title: NOTE 2 - Summary of Significant Accounting Policies
Accounting Policies: The accompanying Schedule is presented on the accrual basis of accounting, which is
described in Note 2 to the financial statements. Such expenditures are recognized following
the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying Schedule is presented on the accrual basis of accounting, which is
described in Note 2 to the financial statements. Such expenditures are recognized following
the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
Title: NOTE 3 - Indirect Cost Rate
Accounting Policies: The accompanying Schedule is presented on the accrual basis of accounting, which is
described in Note 2 to the financial statements. Such expenditures are recognized following
the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
The Organization has elected not to use the 10% de minimis indirect cost rate allowed under
the Uniform Guidance.
Title: NOTE 4 - Contingencies
Accounting Policies: The accompanying Schedule is presented on the accrual basis of accounting, which is
described in Note 2 to the financial statements. Such expenditures are recognized following
the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
Federal grants received by the Organization are subject to review and audit by grantor agencies.
The Organization’s management believes that the results of such audits will not have a material
effect on the Schedule.