Notes to SEFA
Title: Subrecipients
Accounting Policies: Expenditure 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, Subpart E, Cost Principles, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Saving Grace has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
No award payments were made to subrecipients for the year ended June 30, 2022.
Title: Basis of Presentation
Accounting Policies: Expenditure 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, Subpart E, Cost Principles, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Saving Grace has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Saving Grace. The information in this 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 (Uniform Guidance). Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
Title: Major Programs
Accounting Policies: Expenditure 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, Subpart E, Cost Principles, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Saving Grace has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Uniform Guidance establishes criteria to be used in defining major programs. Major programs for Saving Grace are those programs selected for testing by the auditor using a risk-assessment model, as well as certain minimum expenditure requirements, as outlined in the Uniform Guidance. Programs with similar requirements may be grouped into a cluster for testing purposes.
Title: Insurance Coverage
Accounting Policies: Expenditure 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, Subpart E, Cost Principles, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Saving Grace has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Saving Grace maintains insurance coverage as recommended by its insurance agent of record.