Notes to SEFA
Note 1 - Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the Schedule) summarized the expenditures of Downtown Memphis Ministry, Inc. under programs of the federal and state governments for the year ended June 30, 2025. The Schedule is presented using 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 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 Downtown Memphis Ministry, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Downtown Memphis Ministry, Inc.
Note 2 - Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Note 3 - Indirect costs of $114,004 are included in the Schedule for the year ended June 30, 2025.
Note 4 - Downtown Memphis Ministry, Inc. did not elect to use the 15% de minimis indirect cost rate allowed under the Uniform Guidance.