Notes to SEFA
Title: Pass-through to Sub-recipients
Accounting Policies: Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes thefederal award activity of Renaissance Entrepreneurship Center (Renaissance), under the programsof the federal government for the year ended December 31, 2022. 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 (Uniform Guidance).Because the Schedule presents only a selected portion of the operations of Renaissance, it is notintended to and does not present the financial position, changes in net assets, or cash flows ofRenaissance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Basis of AccountingExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in 2 CFR 200, Subpart E (CostPrinciples), wherein certain types of expenditures are not allowed or limited as to reimbursement.Renaissance has elected not to use the 10% de minimis indirect cost rate allowed under the UniformGuidance.
Renaissance did not provide any federal awards to sub-recipients.
Title: Other Information
Accounting Policies: Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes thefederal award activity of Renaissance Entrepreneurship Center (Renaissance), under the programsof the federal government for the year ended December 31, 2022. 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 (Uniform Guidance).Because the Schedule presents only a selected portion of the operations of Renaissance, it is notintended to and does not present the financial position, changes in net assets, or cash flows ofRenaissance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Basis of AccountingExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in 2 CFR 200, Subpart E (CostPrinciples), wherein certain types of expenditures are not allowed or limited as to reimbursement.Renaissance has elected not to use the 10% de minimis indirect cost rate allowed under the UniformGuidance.
Renaissance did not receive federal insurance, loans, or non-cash assistance during the year ended December 31, 2022.