Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: ACCRUAL
De Minimis Rate Used: N
Rate Explanation: The dw minimis rate is not applicable
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule) includes the federal grant activity of Berean Baptist Head Start Grant Number (04CH011178/03, 04CHE000632/01C5, 04CHE000632/01C6) , under programs of the federal government for the year ended August 31, 2022. 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 a selected portion of the operations of Berean Baptist Head Start, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Berean Baptist Head Start
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: ACCRUAL
De Minimis Rate Used: N
Rate Explanation: The dw minimis rate is not applicable
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.