Notes to SEFA
Title: Note 1 - 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
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.
De Minimis Rate Used: N
Rate Explanation: Cost rate is not applicable
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the
Federal grant activity of the Foundation for the year ending 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 Foundation, it is not intended to and does not present
the financial position, changes in net assets, or cash flows of the Foundation.
Title: Note 2 - 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 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.
De Minimis Rate Used: N
Rate Explanation: Cost rate is not applicable
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: Note 3 - 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 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.
De Minimis Rate Used: N
Rate Explanation: Cost rate is not applicable
The Foundation did not elect to use the 10% de minimis indirect cost rate as allowed under the
Uniform Guidance.
Title: Note 4 - Contingency
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
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.
De Minimis Rate Used: N
Rate Explanation: Cost rate is not applicable
The grants and contracts revenue received are subject to audit and adjustment. If any
expenditures or expenses are disallowed by the grantor agencies as a result of such an audit,
any claim for reimbursement to the grantor agencies would become a liability of the
Foundation. In the opinion of management, all grant and contract expenditures are in
compliance with the terms of the agreements and applicable Federal and state and other
applicable regulations.