Notes to SEFA
Title: Basis of Presentatioin
Accounting Policies: FoundCare and federal agencies use an indirect cost rate to charge indirect costs to individual sponsoredprojects. The rate is the result of a number of cost allocation procedures that FoundCare uses to allocate itsindirect costs to both sponsored and non-sponsored activities. The indirect costs allocated to sponsoredprojects are divided by the direct costs of sponsored projects to arrive at a rate. The U.S. Department ofHealth and Human Services (HHS) must approve the rate before FoundCare can use it to charge indirectcosts to federally sponsored projects.Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.Expenditures consist of direct and indirect costs. Direct costs are those that can be readily identified with anindividual federally sponsored project.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grantactivity of FoundCare, Inc. (FoundCare or the Organization) under programs of the federal government for theyear ended December 31, 2022 and is presented on the accrual basis of accounting. The information in thisSchedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR)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 FoundCare,it is not intended to, and does not, present the financial position, changes in net assets, or cash flows ofFoundCare.
Title: Loan
Accounting Policies: FoundCare and federal agencies use an indirect cost rate to charge indirect costs to individual sponsoredprojects. The rate is the result of a number of cost allocation procedures that FoundCare uses to allocate itsindirect costs to both sponsored and non-sponsored activities. The indirect costs allocated to sponsoredprojects are divided by the direct costs of sponsored projects to arrive at a rate. The U.S. Department ofHealth and Human Services (HHS) must approve the rate before FoundCare can use it to charge indirectcosts to federally sponsored projects.Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.Expenditures consist of direct and indirect costs. Direct costs are those that can be readily identified with anindividual federally sponsored project.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FoundCare did not expand federal awards related to loans or loan guarantees during the year.
Title: Federally Funded Insurance
Accounting Policies: FoundCare and federal agencies use an indirect cost rate to charge indirect costs to individual sponsoredprojects. The rate is the result of a number of cost allocation procedures that FoundCare uses to allocate itsindirect costs to both sponsored and non-sponsored activities. The indirect costs allocated to sponsoredprojects are divided by the direct costs of sponsored projects to arrive at a rate. The U.S. Department ofHealth and Human Services (HHS) must approve the rate before FoundCare can use it to charge indirectcosts to federally sponsored projects.Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.Expenditures consist of direct and indirect costs. Direct costs are those that can be readily identified with anindividual federally sponsored project.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FoundCare has no federally funded insurance.
Title: Subrecipients
Accounting Policies: FoundCare and federal agencies use an indirect cost rate to charge indirect costs to individual sponsoredprojects. The rate is the result of a number of cost allocation procedures that FoundCare uses to allocate itsindirect costs to both sponsored and non-sponsored activities. The indirect costs allocated to sponsoredprojects are divided by the direct costs of sponsored projects to arrive at a rate. The U.S. Department ofHealth and Human Services (HHS) must approve the rate before FoundCare can use it to charge indirectcosts to federally sponsored projects.Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.Expenditures consist of direct and indirect costs. Direct costs are those that can be readily identified with anindividual federally sponsored project.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There were no payments to subrecipients for the year ended December 31, 2022.
Title: Noncash Assistance
Accounting Policies: FoundCare and federal agencies use an indirect cost rate to charge indirect costs to individual sponsoredprojects. The rate is the result of a number of cost allocation procedures that FoundCare uses to allocate itsindirect costs to both sponsored and non-sponsored activities. The indirect costs allocated to sponsoredprojects are divided by the direct costs of sponsored projects to arrive at a rate. The U.S. Department ofHealth and Human Services (HHS) must approve the rate before FoundCare can use it to charge indirectcosts to federally sponsored projects.Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.Expenditures consist of direct and indirect costs. Direct costs are those that can be readily identified with anindividual federally sponsored project.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FoundCare did not receive any federal noncash assistance for the year ended December 31, 2022.