Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (“SEFA”) includes the federal grant activity of the Southern California Crossroads (the “Organization”) under programs of the federal government for the year ended December 31, 2024. The information in this SEFA is presented in accordance with the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States of America, and the audit 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”). Because the SEFA presents only a selected portion of operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. Federal awards received directly from federal agencies as well as federal awards passed through local agencies are included in the SEFA.
The SEFA is presented using the accrual basis of accounting which is described in the notes to the Organization’s financial statements. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Effective starting October 1, 2024, Office of Management and Budget (OMB) increased the de minimis indirect cost rate from 10 percent to 15 percent. The Organization has not elected to use the 15 percent de minimis indirect cost rate for the year ended December 31, 2024.