Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Holy Cross Head Start, Inc. under the programs of the federal government for the year ended February 29, 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 Holy Cross Head Start, Inc., 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. Holy Cross Head Start, Inc. has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Organization's Head Start and Early Start Program contain certain non-cash assistance requirements, as defined in the award agreements. The Organization did not meet the requirements of the award agreement and incurred $244,075 in non-cash assistance for the year ended February 29, 2024, which is excluded from the Schedule.