Notes to SEFA
Accounting Policies: 1.GENERAL INFORMATION The accompanying schedule of expenditures of federal awards presents the activities in the federal programs of Ironbound Community Corporation. All financial assistance received directly from federal as well as financial awards passed through other governmental agencies or nonprofit organizations are included on the schedule. 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 Ironbound Community Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Ironbound Community Corporation. 2.BASIS OF ACCOUNTING The accompanying schedules of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. The amounts reported in these Schedules as expenditures may differ from certain financial reports submitted to federal and state funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting. 3.RELATIONSHIP TO BASIC FINANCIAL STATEMENTS Federal and state award expenditures are reported on the statements of functional expenses as program services. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the Schedules of federal awards and state financial assistance due to program expenditures exceeding grant or contract budget limitations, agency matching, or capitalization policies required under accounting principles generally accepted in the United States of America.
De Minimis Rate Used: N
Rate Explanation: The Organization has not made an election pursuant to 2 CFR Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards to receive a 10% de minimis indirect cost rate nor does it have a federally negotiated indirect cost rate.