Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Zion House a division of St. James African Methodist Epsicopal Church, Inc. under programs of the federal government for the year ended September 30, 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 Zion House, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Zion House. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Depending on the federal award date, these expenditures are recognized following the principles contained in the OMB Cost Circular or the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The auditee uses the cost rate approved by the cognizant agency.