Notes to SEFA
Title: 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.
De Minimis Rate Used: N
Rate Explanation: uring the year ended May 31, 2023, the Center did not elect to use the 10% de minimis cost rate as covered in §200.414 of the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Center under programs of the federal government for the year ended May 31, 2023. 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 Center, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Center.
Title: Community Facilities Loans
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.
De Minimis Rate Used: N
Rate Explanation: uring the year ended May 31, 2023, the Center did not elect to use the 10% de minimis cost rate as covered in §200.414 of the Uniform Guidance.
As of May 31, 2023, Regina Coeli Child Development Center had a loan outstanding to the U.S. Department of Agriculture as follows:
Livingston Center $ 172,517
The above loan is not included in the Schedule because there are no related compliance requirements other than timely payment.
Title: Relationship to 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.
De Minimis Rate Used: N
Rate Explanation: uring the year ended May 31, 2023, the Center did not elect to use the 10% de minimis cost rate as covered in §200.414 of the Uniform Guidance.
Federal awards are included in the Statement of Activities of the Center as grants revenue.
Title: Pass Through of Federal Awards
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.
De Minimis Rate Used: N
Rate Explanation: uring the year ended May 31, 2023, the Center did not elect to use the 10% de minimis cost rate as covered in §200.414 of the Uniform Guidance.
The Center did not pass through any awards during the year ended May 31, 2023.