Notes to SEFA
Accounting Policies: NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESA. Reporting EntityThe reporting entity consists of the Boys and Girls Club of North Central Florida, Inc. The Club includes a Schedule of Expenditures of Federal Awards and State Financial Assistance for the purpose of additional analysis. B. Basis of AccountingBasis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting related to the timing of the measurements made, regardless of the measurement focus. The accrual basis of accounting is followed in the Schedule of Expenditures of Federal Awards and State Financial Assistance. Under the accrual basis, revenues are recognized when they become earned. Expenses generally are recorded when a liability is incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.