Notes to SEFA
1. Basis of Presentation The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Volunteers of America Southwest California, Inc. (the “Corporation”) under programs of the federal government for the year ended June 30, 2025. The information in this Schedule is presented in accordance with the requirements of by 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 the Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Corporation.
2. Summary of Significant Accounting Policies Expenditures are recognized following the cost principles contained in by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where applicable. Revenues from award programs are recognized in the period in which terms of the grant or contractual agreements have been met and the revenue earned and are included in the Corporation’s consolidated financial statements as “Revenue and grants from governmental agencies”.
3. Indirect Cost Rate The Corporation has been assigned an indirect cost rate of 15% by some agencies. Accordingly, the de minimis indirect cost rate of 15% as allowed under the Uniform Guidance was used on other contracts.