Notes to SEFA
Accounting Policies: NOTE 1: BASIS OF ACCOUNTING The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as the Foundations financial statements. The Foundation uses the accrual basis of accounting. Expenditures represent only the federally funded portions of the program. NOTE 2: PROGRAM COSTS The amounts shown as current year expenses represent only the federal grant portion of the program costs. Entire program costs, including the Foundations portion, may be more than shown.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.