Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Fred Finch Youth Center (the "Center") under programs of the federal government 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Center, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Center.
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 limited as to reimbursement. Passthrough entity identifying numbers are presented where available and applicable.
The de minimis indirect cost rate for federal awards issued on or after October 1, 2024 is 15% and for awards issued before October 1, 2024, the de minimis indirect cost rate is 10%. The Center has not elected to use the de minimis indirect cost rate for federal awards as allowed under the Uniform Guidance. The Center applies indirect costs in accordance with the specific terms of its federal award agreements.