Notes to SEFA
Accounting Policies: NOTE 1 GENERALThe accompanying schedule of expenditures of federal awards (SEFA) includes the federal grantactivity of The Greater Los Angeles Veterans Research and Education Foundation (theFoundation) under programs of the federal government for the year ended September 30, 2022.The information in the SEFA is presented in accordance with the standards applicable to financialaudits contained in Government Auditing Standards issued by the Comptroller General of theUnited States of America, and the audit requirements of Title 2 U.S. Code of Federal RegulationsPart 200, Uniform Administrative Requirements Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Because the SEFA presents only a selected portion of theoperations 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. Federal awards received directly fromfederal agencies as well as federal awards passed through universities and other agencies areincluded in the schedule. Pass-through entity identifying numbers are presented where available.NOTE 2 BASIS OF ACCOUNTINGThe accompanying SEFA is presented using the accrual basis of accounting which is described inthe notes to the Foundations financial statements. Such expenditures are recognized followingthe cost principles contained in OMB Circular A-122, Cost Principles for Non-ProfitOrganizations, and Uniform Guidance, where certain types of expenditures are not allowable orare limited as to reimbursement.NOTE 3 RELATIONSHIP TO FEDERAL AWARDS REPORTSAmounts reported in the accompanying SEFA agree with the amounts reported in the relatedfederal financial reports for all major federal programs.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.