Notes to SEFA
Title: Basis of Accounting & Presentation
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: Central Valley Opportunity Center, Inc. has an approved indirect cost rate and has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Central Valley Opportunity Center, Inc. under programs of the federal government for the year ended September 30, 2023. 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 Central Valley Opportunity Center, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Central Valley Opportunity Center, Inc.
Title: Relationship to Federal Financial Reports
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: Central Valley Opportunity Center, Inc. has an approved indirect cost rate and has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Amounts reported in the accompanying schedule agree with the amounts reported in the related periodic federal financial reports.
Title: Catalog of Federal Domestic Assistance (CDFA)
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: Central Valley Opportunity Center, Inc. has an approved indirect cost rate and has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The CFDA numbers included in the accompanying Schedule of Expenditures of Federal Awards were determined based on the program name, review of the grant or contract information and the Office of Management and Budget’s Catalog of Federal Domestic Assistance.
Title: Pass-Through Entity Identifying Numbers
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: Central Valley Opportunity Center, Inc. has an approved indirect cost rate and has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
When Federal awards were received from a pass-through entity, the Schedule of Expenditures of Federal Awards show, if available, the identifying number assigned by the pass-through entity. When no identifying number is shown, Central Valley Opportunity Center, Inc. has either determined that no identifying number is assigned for the program or Central Valley Opportunity Center, Inc. was unable to obtain an identifying number from the pass-through entity.