Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in 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.
De Minimis Rate Used: N
Rate Explanation: Empowerment has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal activity of The Empowerment Program, Inc. (Empowerment) under programs of the federal government for the year ended June 30, 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 Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Empowerment, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Empowerment.
Title: Loan Ending Balance
Accounting Policies: Expenditures reported in 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.
De Minimis Rate Used: N
Rate Explanation: Empowerment has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The schedule reports loans at the balance at the beginning of the fiscal year, July 1,2021. The loan balance at the end of year, June 30, 2022, remains the same amount of $349,547.
Title: Subrecipient Awards
Accounting Policies: Expenditures reported in 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.
De Minimis Rate Used: N
Rate Explanation: Empowerment has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
There were no awards passed through by Empowerment to subrecipients for the year ended June 30, 2022.