Audit 21618

Title: Reconciliation of SEFA to Financial Statements Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Goldbelt Heritage Foundation (the Foundation) under programs of the federal government for the year ended December 31, 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. 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Goldbelt Heritage Foundation has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Foundation did not pass through any federal funds to subrecipients during the year ended December 31, 2022. De Minimis Rate Used: Y Rate Explanation: The auditee used the de minimis cost rate. The following is a reconciliation of federal awards revenue reported in the financial statements to expenditures reported in the schedule of expenditures of federal awards: Total Contributions - Federal Awards $1,362,852 Less: ARPA - Recovery Funds (Beneficiary Relationship) ($100,000) Total Expenditures per Schedule of Expenditures of Federal Awards $1,262,852.