Notes to SEFA
Title: Basis of accounting
Accounting Policies: Basis of accounting, recognition of federal expenditures, indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: Indirect costs were not charged to federal grant programs.
The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance include the federal and state grant activity of SAFE in Hunterdon, Inc. under programs of the federal and state governments for the year ended December 31, 2024. The information in these schedules 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 schedules present only a selected portion of the operations of SAFE in Hunterdon, Inc. it is not intended to and does not present the financial position, changes in net assets, or cash flows of SAFE in Hunterdon, Inc.
Title: Summary of significant accounting policies
Accounting Policies: Basis of accounting, recognition of federal expenditures, indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: Indirect costs were not charged to federal grant programs.
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.
Title: Indirect cost rate
Accounting Policies: Basis of accounting, recognition of federal expenditures, indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: Indirect costs were not charged to federal grant programs.
The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.