Notes to SEFA
The accompanying schedule of expenditures of federal awards of Boys and Girls Clubs of Greater Memphis (the “Organization”) is presented on the accrual basis of accounting. The information in the 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. Because the Schedule of Expenditures of Federal Awards presents only a selected portion of the operations 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.
Expenditures reported in 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.
Boys and Girls Clubs of Greater Memphis has elected to apply the de minimis indirect cost rate permitted in the Uniform Guidance, as revised October 1, 2024. For federal awards granted on or before this date, the Organization uses the 10% de minimus indirect cost rate as allowed under the Uniform Guidance for direct funding grants. Indirect costs, for pass-through grants, are set by the grant contract. The applicable rate is determined based on the commencement date of each individual grant.
There were no federal awards expended in the form of non-cash assistance and there were no loan guarantees outstanding at year end.