Notes to SEFA
Title: Basis of Accounting
Accounting Policies: The accompanying supplementary schedule of expenditures of federal awards (the Schedule) summarizesthe expenditures of Gordon Research Conferences and subsidiary (GRC) under programs of the federalgovernment for the year ended October 31, 2022. The information in the Schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations, Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the Schedule presents only a selected portion of the operations of GRC, it is notintended to and does not present the financial position, changes in net assets or cash flows of GRC.For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements enteredinto directly between GRC and agencies and departments of the federal government. GRC did not passthrough any amounts to sub-recipients for the year ended October 31, 2022. GRC has elected not to utilizethe 10 percent de-minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule is presented using the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement when applicable.