Notes to SEFA
Title: 4. Loan and Loan Guarantee
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as toreimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in thenormal course of business to amounts reported as expenditures in prior years. Pass-through entity identifyingnumbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Foundation for Early Childhood Education did not have any balances of loan and loan guarantee programs outstanding at June 30, 2022 for loans described in 2 CFR section 200.50(b).
Title: 5. In-Kind Contributions
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as toreimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in thenormal course of business to amounts reported as expenditures in prior years. Pass-through entity identifyingnumbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Schedule of Federal, State and Local Awards of Foundation for Early Childhood Education does not include in-kind contributions received during the year. The value of the in-kind contributions required to meet the federal match requirement of its Head Start Programs for the year ended June 30, 2022 was $3,199,015.
Title: 3. Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as toreimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in thenormal course of business to amounts reported as expenditures in prior years. Pass-through entity identifyingnumbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal, State and Local Awards (the Schedule) includes the federal grant activity of Foundation for Early Childhood Education under programs of the federal government for the year ended June 30, 2022. The information in this schedule is presented in accordancewith the requirements of the Uniform Guidance. Because the schedule presents only a selected portion of the operations of Foundation for Early Childhood Education, it is not intended to and does not present the financial position, changes in net assets or cash flows of Foundation for Early Childhood Education.