Notes to SEFA
Title: Basis of Presentation
Accounting Policies: (1) 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.
(2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: EMERGE has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Emerge Community Development (EMERGE) and subsidiaries under programs of the federal government for the year ended December 31, 2024. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of EMERGE, it is not intended to and does not present the financial position, changes in net assets, or cash flows of EMERGE and its subsidiaries.