Notes to SEFA
Accounting Policies: Note 1 - Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal grant activity of the Foundation for the year ending June 30, 2022. 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.Note 2 - Summary of Significant Accounting PoliciesExpenditures 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. Note 3 - Indirect Cost RateThe Foundation did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.Note 4 - ContingencyThe 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.