Notes to SEFA
Title: Note 2 Summary of Significant Accounting Policies
Accounting Policies: Note 1 Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal grant activity of Centers for New Horizons, Inc. (the Organization), under programs of the federal government for the year June 30, 2022. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because this schedule presents only a selected portion of the operations of Centers for New Horizons, Inc. it is not intended to and does not present the financial position, changes in net assets or cash flows of Centers for New Horizons, Inc. .
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in 2 CFR Part 230 Cost Principles for Non-Profit Organizations (OMB Circular A-122), wherein certain types or expenditures are not allowed or are limited as to reimbursement. Negative amounts shown on the SEFA represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Organization has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note 3 Subrecipients
Accounting Policies: Note 1 Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal grant activity of Centers for New Horizons, Inc. (the Organization), under programs of the federal government for the year June 30, 2022. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because this schedule presents only a selected portion of the operations of Centers for New Horizons, Inc. it is not intended to and does not present the financial position, changes in net assets or cash flows of Centers for New Horizons, Inc. .
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Organization did not provided any federal awards to subrecipients during the year ended June 30, 2022.
Title: Note 4 Other Matters
Accounting Policies: Note 1 Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal grant activity of Centers for New Horizons, Inc. (the Organization), under programs of the federal government for the year June 30, 2022. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because this schedule presents only a selected portion of the operations of Centers for New Horizons, Inc. it is not intended to and does not present the financial position, changes in net assets or cash flows of Centers for New Horizons, Inc. .
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Amount of non-cash assistanceNoneAmount of insuranceNoneAmount of loansNoneAmount of loan guaranteesNone