Notes to SEFA
Title: NOTE 3. RECONCILIATION TO STATEMENT OF ACTIVITIES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal awards activity of the Foundation under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with 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 select 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. The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting, which is the method of accounting used for the financial statements. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Subpart E Cost Principles, wherein certain types of expenditures are not allowable or are limited as toreimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Foundation has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance. Instead, the Foundation has received an approved indirect cost rate of 18.65% and 22.90% for the two U.S. Department of State programs and 15.00% for the Foley-JUSFC Legislative Exchange for the year ended June 30, 2022.
The following items reconcile federal expenditures for the Mike Mansfield Fellowship Program to program expenditures reported on the statement of activities for the year ended June 30, 2022: See table on PDF page 32