Notes to SEFA
Title: NOTE 1 – 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 the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. For performance-based awards, expenditures reported represent amounts earned. Central Connecticut Coast Young Men's Christian Association, Inc. and Subsidiaries has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Central Connecticut Coast Young Men's Christian Association, Inc. and Subsidiaries has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of the Central Connecticut Coast Young Men's Christian Association, Inc. and Subsidiaries under programs of the federal government for the year ended December 31, 2024. 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 Central Connecticut Coast Young Men's Christian Association, Inc. and Subsidiaries, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Central Connecticut Coast Young Men's Christian Association, Inc. and Subsidiaries.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. For performance-based awards, expenditures reported represent amounts earned. Central Connecticut Coast Young Men's Christian Association, Inc. and Subsidiaries has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Central Connecticut Coast Young Men's Christian Association, Inc. and Subsidiaries has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
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. For performance-based awards, expenditures reported represent amounts earned. Central Connecticut Coast Young Men's Christian Association, Inc. and Subsidiaries has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE 3 – PASS-THROUGH ENTITY IDENTIFYING NUMBERS
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 the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. For performance-based awards, expenditures reported represent amounts earned. Central Connecticut Coast Young Men's Christian Association, Inc. and Subsidiaries has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Central Connecticut Coast Young Men's Christian Association, Inc. and Subsidiaries has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Pass-through entity identifying numbers are provided where available.