Notes to SEFA
Title: NOTE D INKIND PERSONAL PROTECTIVE EQUIPMENT (PPE)
Accounting Policies: NOTE A - BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal and State Awards (the Schedule) includes the federal grant activity of Young Horizons under programs of the federal government for the year ended June 30, 2022. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance as required by the California Department of Education Audit Guide. Because the Schedule presents only a selected portion of operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Young Horizons.NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized 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 to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Young Horizons has elected to use the 10% de minimus indirect cost rate which is allowed under the Uniform Guidance.
The Organization did not receive in-kind Personal Protective Equipment (PPE) during the year ended June 30, 2022.