Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Youth Opportunities Unlimited (“Y.O.U.”) under programs of the federal government for the year ended March 31, 2026. 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 Y.O.U., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Y.O.U.. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Y.O.U. uses indirect cost rates as negotiated with pass-through funders. In the absence of a negotiated indirect cost rate, Y.O.U. has elected to use the 15 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Y.O.U. passes a portion of its federal awards received from the U.S Department of the Treasury, U.S. Department of Health and Human Services and U.S. Department of Labor to other not-for-profit agencies. As described in Note 1, Y.O.U. reports expenditures of federal awards to the subrecipients on the accrual basis. Y.O.U. has established a policy of accruing any expenditures related to requests for reimbursements received from the subrecipients within 45 days of the end of its fiscal year. As a pass-through entity, Y.O.U. has certain compliance responsibilities, such as monitoring its subrecipients to help assure they use the subaward as authorized and in accordance with laws, regulations, and the provisions of contracts or grant agreements, and that the subrecipients achieve the awards’ performance goals.