Notes to SEFA
Title: Note 1 - Summary of Significant Accounting Policies
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: They have elected to not use the de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of The Catalyst Center for Business & Entrepreneurship and is presented on the accrual basis of accounting. 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 Requirements for Federal Awards. 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 Organization. Therefore, some amounts presented in this schedule may differ from the amounts presented in, or used in the preparation of the basic financial statements.
Title: Note 2 - Basis of Accounting
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: They have elected to not use the de minimis indirect cost rate.
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. This method is consistent with the preparation of the Organization’s financial statements.
Title: Note 3 - Indirect Cost Rates
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: They have elected to not use the de minimis indirect cost rate.
The Organization has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.