Notes to SEFA
Accounting Policies: Note 1. General InformationThe accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance present the activities in all the federal and state programs of HOPES Community Action Partnership, Inc. All financial assistance received directly from federal and state agencies as well as financial assistance passed through other governmental agencies are included on the schedules.Note 2. Basis of AccountingThe accompanying schedules are presented on the accrual basis of accounting. The amounts reported in these schedules as expenditures may differ from certain financial reports submitted to federal and state funding agencies due to those reports being submitted on a cash or modified accrual basis of accounting.Note 3. Relationship to Basic Financial StatementsFederal awards and state financial assistance expenditures are reported on the statement of functional expenses as program services. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported on the Schedules of Expenditures of Federal Awards and State Financial Assistance due to program expenditures exceeding grant or contract budget limitations or due to the application of accounting policies required under accounting principles generally accepted in the United States of America.Note 4. Sub-RecipientsOf the federal and state expenditures presented in these schedules, no expenditures were used to provide federal or state awards to sub-recipients.Note 5. Indirect Cost RateThe Organization has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.