Notes to SEFA
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the
Schedule) includes the federal award activity of The Community Partnership
under programs of the federal government and is presented on the accrual
basis of accounting for the year ended September 30, 2024. The amounts
reported as federal expenditures were obtained from the Organization’s
records. The information in the 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). Because the Schedule
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 Community Partnership. As a result, some amounts
presented in the Schedule may differ from amounts presented in, or used in
the preparation of the basic consolidated financial statements.
For purposes of the Schedule, federal awards include all grants, contracts,
and similar agreements entered into directly between the Organization and
agencies and departments of the federal government.
All of the Organization’s federal awards were in the form of cash assistance
for the year ended September 30, 2024.
The Organization had no federally funded insurance programs or loan
guarantees during the year ended September 30, 2024.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditure reported on the Schedule are reported on the accrual basis of
accounting. Such expenditures are recognized following the cost principles
contained in the Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards., wherein certain types of expenditures are not allowable or
are limited as to reimbursement. Negative amounts shown on the Schedule
represent adjustments or credit made in the normal course of business to
amounts reported as expenditures in prior years. Pass-through entity
identifying numbers are presented where available.NOTE C – COMMITMENTS AND CONTINGENCIES
The Company receives a portion of its revenue from U.S. Government funded
contracts and grants, which are subject to audit. The final determination of
amounts received under these programs is generally based upon allowable
costs reported to and subject to audit by supporting agencies. A contingency
exists for the Organization to refund any amounts received in excess of
allowable costs. Management believes that disallowed costs, if any, will be
immaterial to the financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Community Partnership for the Prevention of Homelessness elected to
use the 10% de minimis cost rate.