Notes to SEFA
Title: NOTE A - 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 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 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, 2023. 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.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 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.
Expenditures 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.
Title: NOTE C – DE MINIMUS 10% INDIRECT COST RATE
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 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.
Young Horizons has elected to use the 10% de minimus indirect cost rate which is allowed
under the Uniform Guidance.
Title: NOTE D – INKIND PERSONAL PROTECTIVE EQUIPMENT (PPE)
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 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, 2023.