Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures on the SEFA 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.
De Minimis Rate Used: N
Rate Explanation: Excel Centers has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of
Excel Centers, LLC (Excel Centers) under programs of the federal government for the year ended June 30,
2023. The information in this SEFA is presented in accordance with the requirements of Title 2 U.S. Code of
Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance). Therefore, some of the amounts presented in this
SEFA may differ from amounts presented in or used in the preparation of the basic financial statements.
The basic financial statement classifications may include other financial activity for reporting purposes.
Title: Sub-Recipient Pass Through
Accounting Policies: Expenditures on the SEFA 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.
De Minimis Rate Used: N
Rate Explanation: Excel Centers has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Excel Centers did not pass through any federal awards to subrecipients during 2023.
Title: Fair Market Value of Donated Personal Protective Equipment (Unaudited)
Accounting Policies: Expenditures on the SEFA 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.
De Minimis Rate Used: N
Rate Explanation: Excel Centers has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
During 2023, Excel Centers did not receive donated personal protected equipment from federal sources.