Notes to SEFA
Bright Nutrition (the “Organization) is organized as a sponsor of child care centers. Revenues are recognized when services are rendered, and expenses are realized when obligations are incurred.
The Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of the Organization and is presented on the accrual basis of accounting. The information in this 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 selected portion of the operations of Bright Nutrition, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. 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.
The Organization has not elected to use the 10% de minimis cost rate as allowed in the Uniform Guidance. The Organization, by contract, is authorized to use an administrative cost allowance between 10% and 15%. For the year ended December 31, 2024, administrative costs were $117,503 of $8,191,462 Federal Awards = 1.43%.