Title: Note A - Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "SEFA") includes the federal award activity of Boys & Girls Clubs of St. Lucie County, Inc. (the"Club") 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 operation of the Club, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Club. Expenditures reported in the SEFA are reported on the accrual basis of accounting, which is described in Note 2 to the Organization's financial statements.
De Minimis Rate Used: N
Rate Explanation: Boys & Girls Clubs of St. Lucie County, Inc. 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 (the "SEFA") includes the federal award activity of Boys & Girls Clubs of St. Lucie County, Inc. (the"Club") 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 operation of the Club, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Club. Expenditures reported in the SEFA are reported on the accrual basis of accounting, which is described in Note 2 to the Organization's financial statements.
Title: Note B - De Minimis Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "SEFA") includes the federal award activity of Boys & Girls Clubs of St. Lucie County, Inc. (the"Club") 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 operation of the Club, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Club. Expenditures reported in the SEFA are reported on the accrual basis of accounting, which is described in Note 2 to the Organization's financial statements.
De Minimis Rate Used: N
Rate Explanation: Boys & Girls Clubs of St. Lucie County, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
For purposes of charging indirect costs to federal awards, the Club has not elected to use the 10 percent de minimus rate as permitted by 200.414 of the Uniform Guidance.
Title: Note C - Contingincy
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "SEFA") includes the federal award activity of Boys & Girls Clubs of St. Lucie County, Inc. (the"Club") 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 operation of the Club, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Club. Expenditures reported in the SEFA are reported on the accrual basis of accounting, which is described in Note 2 to the Organization's financial statements.
De Minimis Rate Used: N
Rate Explanation: Boys & Girls Clubs of St. Lucie County, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Amounts received or receivable from grantor agencies are subject to audit and adjustment by those agencies. Any disallowed claims, including amounts already received, might constitute a liability of the Club for the return of those funds.