Notes to SEFA
Title: SUB-RECIPIENTS
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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: Y
Rate Explanation: Honestly has elected to use the 10 percent de minimis indirect cost rate, which is allowed in accordance with the Uniform Guidance.
Of the expenditures presented in the schedule of expenditures of federal awards, the Organization
provided awards to the following sub-recipients:
Title: OUTSTANDING FEDERAL LOANS
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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: Y
Rate Explanation: Honestly has elected to use the 10 percent de minimis indirect cost rate, which is allowed in accordance with the Uniform Guidance.
The Organization has no federal loan obligations as of June 30, 2023