Notes to SEFA
The accompanying schedule of expenditures of federal and state awards includes the federal and state grant activity of Young Men's Christian Association of Greensboro, Inc. and Young Men's Christian Association of Greensboro Endowment Fund, Inc. (collectively the "Association") and is presented on the accrual basis of accounting. 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 Association, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Association.
Basis of Accounting – 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. Indirect Cost Rate – The Association has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.