Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accountingprinciples generally accepted in the United States of America basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited as to reimbursement. The amounts reported in the Schedule as expenditures maydiffer from certain financial reports submitted to federal funding agencies due to those reports being submitted oneither a cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected to use the 10% de minimis cost rate allowed under Uniform Guidance
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activityof
Make the Road New York under programs of the federal government for the year ended December 31, 2024 . The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards ("Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of Makethe Road New York, it is not intended to and does not present the financial position, changes in net position, or cashflows of Make the Road New York.
Title: Relationship to Basic Consolidated Financial Statements
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accountingprinciples generally accepted in the United States of America basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited as to reimbursement. The amounts reported in the Schedule as expenditures maydiffer from certain financial reports submitted to federal funding agencies due to those reports being submitted oneither a cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected to use the 10% de minimis cost rate allowed under Uniform Guidance
Federal program expenditures are reported on the consolidated statements of activities and changes in net assets.In certain programs, the expenditures reported in the basic consolidated financial statements may differ from theexpenditures reported in the Schedule due to program expenditures exceeding grant or contract budget limitations,company matching or in-kind contributions which are not included as federal awards.