Notes to SEFA
Title: BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The Program Financial Statements and the Schedule of Expenditures of Federal Awards are prepared in accordance with generally accepted accounting principles as they apply to non-profit organizations.
The Federal CFDA number refers to the designation of the program with the Catalog of Federal Domestic Assistance.
The total contract amount reflects expenditures incurred related to the services provided.
De Minimis Rate Used: N
Rate Explanation: N/A
The Program Financial Statements and the Schedule of Expenditures of Federal Awards are prepared in accordance with generally accepted accounting principles as they apply to non-profit organizations.
The Federal CFDA number refers to the designation of the program with the Catalog of Federal Domestic Assistance.
The total contract amount reflects expenditures incurred related to the services provided.
Title: ESTIMATES
Accounting Policies: The Program Financial Statements and the Schedule of Expenditures of Federal Awards are prepared in accordance with generally accepted accounting principles as they apply to non-profit organizations.
The Federal CFDA number refers to the designation of the program with the Catalog of Federal Domestic Assistance.
The total contract amount reflects expenditures incurred related to the services provided.
De Minimis Rate Used: N
Rate Explanation: N/A
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts. Actual results could differ from these estimates.
Title: REVENUES
Accounting Policies: The Program Financial Statements and the Schedule of Expenditures of Federal Awards are prepared in accordance with generally accepted accounting principles as they apply to non-profit organizations.
The Federal CFDA number refers to the designation of the program with the Catalog of Federal Domestic Assistance.
The total contract amount reflects expenditures incurred related to the services provided.
De Minimis Rate Used: N
Rate Explanation: N/A
The Company received a grant of $986,989.09 to be utilized for procuring personal protective equipment, primarily Self Contained Breathing Apparatus devices, for nine local Fire Companies. The grant was provided under the United States Department of Homeland Security through the Federal Emergency Management Agency’s Assistance to Firefighters Grant Program (CFDA No. 97.044).
The grant (Grant No. EMW-2021-FG-05892) contains the requirement that the Company is required to contribute non-Federal funds equal to or greater than 10% of the Federal funds awarded.
The objectives of the sole major federal program are as follows:
CFDA No. 97.044 – The primary goal of the Assistance to Firefighters Grant is to meet the firefighting and emergency response needs of fire departments and non-affiliated emergency medical service organizations and to help obtain critically needed equipment, protective gear, emergency vehicles, training and other resources necessary for protecting the public and emergency personnel from fire and related hazards.
Title: EXPENDITURES
Accounting Policies: The Program Financial Statements and the Schedule of Expenditures of Federal Awards are prepared in accordance with generally accepted accounting principles as they apply to non-profit organizations.
The Federal CFDA number refers to the designation of the program with the Catalog of Federal Domestic Assistance.
The total contract amount reflects expenditures incurred related to the services provided.
De Minimis Rate Used: N
Rate Explanation: N/A
Qualifying expenditures must meet basic criteria and otherwise qualify under the relevant contract and/or regulations.
Eligible expenditures under the program were limited to the acquisition of personal protective equipment described as part of the approved application in support of the purposes described above.
In order for an expenditure to be charged to the program, it must be actual in amount, allowable under the applicable regulations and/or contract provisions and allocable to the cost category to which it is charged.
Title: ACCOUNTS RECEIVABLE AND ACCOUNTS PAYABLE
Accounting Policies: The Program Financial Statements and the Schedule of Expenditures of Federal Awards are prepared in accordance with generally accepted accounting principles as they apply to non-profit organizations.
The Federal CFDA number refers to the designation of the program with the Catalog of Federal Domestic Assistance.
The total contract amount reflects expenditures incurred related to the services provided.
De Minimis Rate Used: N
Rate Explanation: N/A
The Company entered into purchase agreements with vendors to fulfill the requirements of Grant No. EMW-2021-FG-05892 during the period of performance. However, the reimbursement request to FEMA, and the subsequent payment from FEMA, occurred outside of the period of performance for the grant. As such, at September 10, 2024 the program accounts payable represents goods ordered and invoiced but no received by the Company and the program assets represent both the receivable from FEMA and cash to fulfill the Company 10% match requirement under Grant No. EMW-2021-FG-05892.