Notes to SEFA
Title: Non-Cash Federal Awards
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Faith Family Kids, Inc. (Academy) under programs of the federal government for the year ended August 31, 2022. The information in the 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 the Academy, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Academy.
De Minimis Rate Used: N
Rate Explanation: The Academy has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
The Academy received non-cash awards in the form of food commodities totaling $160,360 for the year ended August 31, 2022.