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. Pass-through entity identifying numbers are presented when available.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimis indirect cost rate per CFR 200.414 as allowed under Uniform Guidance, as the majority of the Organization’s grants do not have budgeted funds available to allocate indirect costs or include budgeted direct administrative costs within the grant.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Organization 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 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: Loan and Loan Guarantee Programs
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. Pass-through entity identifying numbers are presented when available.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimis indirect cost rate per CFR 200.414 as allowed under Uniform Guidance, as the majority of the Organization’s grants do not have budgeted funds available to allocate indirect costs or include budgeted direct administrative costs within the grant.
None of the federal awards expended by the Organization were for loan or loan guarantee programs.