Notes to SEFA
Title: Note 1 - Basis of 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Organization has an indirect rate that has been approved by the U.S. Department of Health and Human Services (DHHS).
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Penquis C.A.P., Inc. (the Organization) under programs of the federal government for the year ended September 30, 2024. 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 of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Penquis C.A.P., Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Penquis C.A.P., Inc.
Title: Note 4 - Subrecipients
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Organization has an indirect rate that has been approved by the U.S. Department of Health and Human Services (DHHS).
The Organization does not have any subrecipients and accordingly has not incurred any subrecipient expenditures.
Title: Note 5 - Other Disclosure
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Organization has an indirect rate that has been approved by the U.S. Department of Health and Human Services (DHHS).
The Organization's consolidated financial statements include the operations of MaineStream Finance, which expended $812,213 in federal awards which is not included in the SEFA for the year ended September 30, 2024, as MaineStream Finance issued its own separately available SEFA.