Notes to SEFA
Title: NOTE A: 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimums indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activities of the Organization under programs of the federal and state governments for the year ended March 31, 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 for Federal Awards (Uniform Guidance). Because the Schedule presents only selected portions of the operations of the Organization, they are not intended to and do not present the financial position, changes in net assets, or cash flows of Assemblies of God Family Services Agency, d/b/a COMPACT Family Services.
Title: NOTE B: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimums indirect cost rate as allowed under the Uniform Guidance.
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.
Title: NOTE C: INDIRECT COST RATE
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimums indirect cost rate as allowed under the Uniform Guidance.
The entity has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE D: 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimums indirect cost rate as allowed under the Uniform Guidance.
The Organization did not provide federal awards to subrecipients during the year ended March 31, 2024.