Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the State Single Audit Guidelines, wherein certain types of expenditures are not allowable and are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Elected not to use.
The accompanying “Supplemental Schedule of Expenditures of Federal and State Awards” includes the federal and state grant activity of Indianhead Community Action Agency, Inc. The information in this schedule is presented in accordance with the Uniform Guidance and the State Single Audit Guidelines. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the consolidated financial statements. Supplemental schedules are also presented by Indianhead Community Action Agency, Inc. in regard to federal and state financial assistance programs administered by the Organization. Additional information on the Organization’s unrestricted activity is also presented in the schedules.
Title: OVERSIGHT AGENCY
Accounting Policies: Expenditures reported on the schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the State Single Audit Guidelines, wherein certain types of expenditures are not allowable and are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Elected not to use.
The Federal oversight agency for Indianhead Community Action Agency, Inc. is the U.S. Department of Health Services.
Title: NONMONETARY ASSISTANCE
Accounting Policies: Expenditures reported on the schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the State Single Audit Guidelines, wherein certain types of expenditures are not allowable and are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Elected not to use.
Nonmonetary assistance is reported in the schedule of federal and state awards at the fair market value of the commodities received and used.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on the schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the State Single Audit Guidelines, wherein certain types of expenditures are not allowable and are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Elected not to use.
Indianhead Community Action Agency, Inc. provided no federal awards to subrecipients during the year ended December 31, 2024.