Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Catalyst Connection (Catalyst) for the year ended August 31, 2022. The information in this Schedule is presented in accordance with the requirements of the 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 Catalyst, it is not intended to and does not present the financial position, changes in net assets or cash flows of Catalyst.Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. Expenditures of federal awards are reported as incurred. They are included in the financial statements as expenses in the various classifications. For purposes of the schedule, the identification of funds as federal and nonfederal is made by the grantors. Catalyst has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.