Notes to SEFA
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of Boys & Girls Clubs of South Puget Sound under programs of the federal government for the year ended December 31, 2022. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations ("CFR") Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards ("Uniform Guidance"). Because the Schedule presents only a select portion of the operations of Boys & Girls Clubs of South Puget Sound, it is not intended to, and does not, present the financial position, changes in net assets or cash flows of Boys & Girls Clubs of South Puget Sound.
De Minimis Rate Used: N
Rate Explanation: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1)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. 2)Boys & Girls Clubs of South Puget Sound has elected not to use the 10% de minimis rate as allowed under the Uniform Guidance.