Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in 0MB Circular A-122, Cost Principles for Non-Profit
Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: There were no indirect costs.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of First Baptist
Church, Denham Springs, Louisiana and is presented in accordance with requirements of the Title 2 U.S. Code
of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards.
Title: Summary of Significant Accounting Principles
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in 0MB Circular A-122, Cost Principles for Non-Profit
Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: There were no indirect costs.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in 0MB Circular A-122, Cost Principles for Non-Profit
Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Indirect Cost Allocation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in 0MB Circular A-122, Cost Principles for Non-Profit
Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: There were no indirect costs.
The Church did not elect to use the 10% de minimis indirect cost rate during the year ended December 31, 2024.
Title: Federal Expenditures
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in 0MB Circular A-122, Cost Principles for Non-Profit
Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: There were no indirect costs.
The Church was obligated the Community Development Block Grant of$958,855 during the December 31, 2024
year end. The grant was a cost-reimbursement grant for expenses incurred in years 2016 and 2017. Since the grant
was not obligated until 2024, the Schedule of Expenditures of Federal Awards will show a total of $958,855.