Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Accrual
De Minimis Rate Used: N
Rate Explanation: The organization has elected not to use the 10% de minimis indirect cost rate as permitted by the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
award activity of Native Forward Scholars Fund 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 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 American Indian
Graduate Center, Inc., it is not intended to and does not present the combined financial position,
activities and changes in net assets, or cash flows of Native Forward Scholars Fund.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Accrual
De Minimis Rate Used: N
Rate Explanation: The organization has elected not to use the 10% de minimis indirect cost rate as permitted by 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 the Uniform Guidance
and/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types
of expenditures are not allowable or are limited as to reimbursement.
Title: INDIRECT COST RATE
Accounting Policies: Accrual
De Minimis Rate Used: N
Rate Explanation: The organization has elected not to use the 10% de minimis indirect cost rate as permitted by the Uniform Guidance.
The Organization has elected not to use the 10% de minimis indirect cost rate as permitted by the
Uniform Guidance.