Notes to SEFA
Title: Note 1 - 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The ACRDCs summary of significant accounting policies is presented in Note 2 to the Basic Financial Statements.For purposes of charging indirect costs to federal awards, the ACRDC has not elected to use the 10% de minimis cost rate as permitted by ?200.414 of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: For purposes of charging indirect costs to federal awards, the ACRDC has not elected to use the 10% de minimis cost rate as permitted by ?200.414 of the Uniform Guidance.
The Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of the Allegan County Resource Development Committee, Inc. (ACRDC) under programs of the federal government for the year ended September 30, 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 the ACRDC, it is not intended to and does not present the financial position, changes in net position, or cash flows of the ACRDC.
Title: Note 3 - Reconciliation to Basic Financial Statements
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The ACRDCs summary of significant accounting policies is presented in Note 2 to the Basic Financial Statements.For purposes of charging indirect costs to federal awards, the ACRDC has not elected to use the 10% de minimis cost rate as permitted by ?200.414 of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: For purposes of charging indirect costs to federal awards, the ACRDC has not elected to use the 10% de minimis cost rate as permitted by ?200.414 of the Uniform Guidance.
Federal expenditures of $6,986,340 from the September 30, 2022 Schedule of Expenditures of Federal Awards reconcile to federal grant revenues of $6,986,340 on the basic financial statements of the ACRDC of the same year.
Title: Note 4 In-kind Contributions
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The ACRDCs summary of significant accounting policies is presented in Note 2 to the Basic Financial Statements.For purposes of charging indirect costs to federal awards, the ACRDC has not elected to use the 10% de minimis cost rate as permitted by ?200.414 of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: For purposes of charging indirect costs to federal awards, the ACRDC has not elected to use the 10% de minimis cost rate as permitted by ?200.414 of the Uniform Guidance.
In-kind contributions of $556,704 were received for the Head Start and Early Head Start programs for the year ended September 30, 2022. Of the in-kind amount reported, $377,870 is recognized in the accompanying financial statements because it meets the revenue recognition criteria as established by GAAP.