Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal, state and city awards (the “Schedule”) includes grant activity of Xiente and Affiliates and is presented on the accrual basis of accounting. The activities that are funded by the City of Philadelphia with state and city awards and are required to be disclosed by the City of Philadelphia Subrecipient Audit Guide are also included in the accompanying schedule of expenditures of federal, state and city awards. State awards not received from the City of Philadelphia are not a required part of an audit in accordance with the City of Philadelphia Subrecipient Audit Guide. 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 Requirement for Federal Awards (the “Uniform Guidance”), and the City of Philadelphia Subrecipient Audit Guide. Because the Schedule presents only a selected portion of the operations of Xiente and Affiliates, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of the Organization.
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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.