Notes to SEFA
Title: SUMMARY OF ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards is prepared in accordance with accounting principles generally accepted in the United States of America.
De Minimis Rate Used: N
Rate Explanation: Administrative overhead costs charged to contracts vary by funding source as agreed to within the contract, and therefore, the Organization has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
General
The accompanying schedule of expenditures of federal awards presents the activity of allfederal awards programs of Special Olympics New York, Inc. (the Organization) for the year
ended December 31, 2024. Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included in the schedule.
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). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the financial statements.
Basis of Accounting
The accompanying schedule of expenditures of federal awards is prepared in accordance with accounting principles generally accepted in the United States of America.
Title: DEMINIMUS COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards is prepared in accordance with accounting principles generally accepted in the United States of America.
De Minimis Rate Used: N
Rate Explanation: Administrative overhead costs charged to contracts vary by funding source as agreed to within the contract, and therefore, the Organization has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Administrative overhead costs charged to contracts vary by funding source as agreed to within the contract, and therefore, the Organization has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.