Notes to SEFA
Accounting Policies: The accounting policies of FAVOR, Inc. conform to accounting principles generally accepted in the United States of America as applicable to not-for-profit organizations.The information in the Schedule of Expenditures of State Financial Assistance is presented based upon regulations established by the State of Connecticut, Office of Policy and Management.Basis of Accounting The expenditures reported on the Schedule of Expenditures of State Financial Assistance are reported on the accrual basis of accounting. In accordance with Section 4-236-22 of the Regulations to the State Single Audit Act, certain grants are not dependent on expenditure activity, and accordingly, are considered to be expended in the fiscal year of receipt. These grant program receipts are reflected in the expenditures column of the Schedule of Expenditures of State Financial Assistance.
De Minimis Rate Used: N
Rate Explanation: FAVOR, Inc. has elected not to utilize the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.