Notes to SEFA
BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Grand Valley Catholic Outreach under programs of the federal government for the year ended June 30, 2024. 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 Grand Valley Catholic Outreach, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Grand Valley Catholic Outreach.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - 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.
DE MINIMUS INDIRECT COST RATE - Grand Valley Catholic Outreach has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
SUBRECIPIENTS - Grand Valley Catholic Outreach had no awards passed through to sub recipients for the year ending June 30, 2025.