Notes to SEFA
Title: Basis of Presentation
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, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Meriden-New Britain-Berlin YMCA has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Meriden-New Britain-Berlin Young Men's Christian Association, Inc. (Meriden-New Britain-Berlin YMCA) under programs of the Federal Government for the year ended December 31, 2022. 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 Meriden-New Britain-Berlin YMCA, it is not intended to and does not present the financial position, changes in net assets or cash flows of Meriden-New Britain-Berlin YMCA.