Notes to SEFA
Title: Note 3 - Reconciliation to the Financial Statements
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the Uniform Guidance where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Instead, the Foundation has obtained a federal approved indirect rate that is approved annually.
See Notes to the Schedule of Expenditures of Federal Awards for reconciliation.
Title: Note 4 - Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the Uniform Guidance where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Instead, the Foundation has obtained a federal approved indirect rate that is approved annually.
No amounts were provided to subrecipients.