Notes to SEFA
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule), includes the
federal award activity of Boys and Girls Club of Metro South, Inc. under programs of the
federal government for the year ended June 30, 2023. The information in this schedule is
presented in accordance with the requirements of 2 CFR 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
Boys and Girls Club of Metro South, Inc., it is not intended to and does not present the
combined financial position, changes in net assets, or cash flows of Boys and Girls Club of
Metro South, Inc..
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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. Negative amounts shown on the Schedule represent adjustments or credits
made in the normal course of business to amounts reported as expenditures in prior years, if
applicable.
Such expenditures are recognized following the cost principles contained in Title 2 U.S.
Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Boys and Girls Club of Metro South, Inc. has not elected to use the 10-percent
de minimis indirect cost rate as allowed under the Uniform Guidance.