Notes to SEFA
he accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of Regional YMCA of Western Connecticut, Inc., under programs of the federal government for the fiscal year ended December 31, 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 of Expenditures of Federal Awards presents only a selected portion of the operations of the Regional YMCA of Western Connecticut, Inc., it is not intended to, and does not, present the financial position, changes in net position or cash flows of the Regional YMCA of Western Connecticut, Inc.. Expenditures reported on the Schedule of Expenditures of Federal Awards are presented 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.
Regional YMCA of Western Connecticut, Inc., has elected not to use the 10% de minimis indirect cost rate provided under Section 200.414 of the Uniform Guidance.
Under the provisions of the debt agreements, the Department of Agriculture has guaranteed 90% of loans four loans held with Union Savings Bank. The remaining portion of the loans are unguaranteed. The amounts reflected on the Schedule of Expenditures of Federal Awards report the guaranteed portion of the outstanding loan balances as of December 31, 2024.