Notes to SEFA
Accounting Policies: Note 1 Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of Federal award programs administered by Elev8 Baltimore, Inc., which is described in Note 1 to the organizations accompanying financial statements. The Federal awards included in the schedule were passed through from other government agencies.Note 2 Basis of AccountingThe basis of accounting varies by Federal program consistent with the underlying regulations pertaining to each program. The information presented in the Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations (CFR), Part 200, Uniform Administrative Requirements, Costs Principles and Audit Requirements (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amount presented in, or used in preparation of the financial statements.Note 3 Indirect CostsIndirect costs may be included in the reported expenditures to the extent they are included in the Federal financial reports used as the source for the data presented. Elev8s policy is not to charge Federal award programs with indirect costs, or to charge indirect costs to certain federal award programs, based upon a rate established by the State of Maryland. Elev8 has elected to use the de minimis indirect rate allowed under the Uniform Guidance (currently 8% at June 30, 2022) applied to overall expenditures.Note 4 Matching CostsMatching costs, such as Elev8s share of certain program costs, are not included in the reported expenditures.Note 5 SubrecipientsNo amounts were provided to subrecipients.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.