Notes to SEFA
Title: Relationship to Federal Financial Reports
Accounting Policies: (1)Summary of Significant Accounting Policies(a)Reporting EntityThe Schedule of Expenditures of Federal Awards (the Schedule) includes the activity of all federal programs administered by Homeward Bound, Inc. (the Organization). The Organization is defined in Note 1 of the basic financial statements.(b) Basis of PresentationThe Schedule presents total federal awards expended for each individual program in accordance with the Uniform Guidance.(c)Basis of AccountingThe expenditures for each of the federal financial assistance programs are presented on the accrual basis of accounting, which is defined in Note 1 of the Organizations basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The amounts reported in the financial reports agree with the amounts reported in the accompanying Schedule which is prepared on the basis explained in Note 1 of the Organizations financial statements.