Notes to SEFA
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Family Resources, Inc. under programs of the federal government for the year ended June 30, 2022. 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). Because the Schedule represents only a selected portion of the operations of Family Resources, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Family Resources, Inc. 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.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Family Resources, Inc. did not provide federal awards to subrecipients during the year ended June 30, 2022.
Title: Insurance and Loan Guarantees
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Family Resources, Inc. under programs of the federal government for the year ended June 30, 2022. 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). Because the Schedule represents only a selected portion of the operations of Family Resources, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Family Resources, Inc. 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.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Family Resources, Inc. had no insurance in effect, relating to federal funds, for the year ending June 30, 2022.Family Resources, Inc. had no loans or loan guarantees, relating to federal funds, outstanding at June 30, 2022.