Notes to SEFA
The accompanying schedule of expenditures of federal awards and state financial assistance (the “Schedule”) includes the federal and state award activity of Early Learning Coalition of Okaloosa and Walton Counties, Inc. (the “Coalition”) under programs of the federal government and the state of Florida for the year ended June 30, 2025. 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, and Chapter 10.650, Rules of the Auditor General. Because the Schedule presents only a selected portion of the operations of the Coalition, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Coalition.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Indirect expenses are allocated between non-direct childcare, quality initiative program services, management and general expenses based on an allocation to the program’s total direct costs less federal and state funded capital asset purchases. Accordingly, the Coalition has elected not to use the 10% de minimis indirect cost rate.