Notes to SEFA
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Building African American Minds, Inc. (the Organization) under programs of the federal government for the year ended June 30, 2024. The information in the 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 operation of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Basis of Accounting - 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.
Building African American Minds, Inc. has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance for the year ended June 30, 2024.