Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: 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 allowed or are limited to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Organization elected the 10% de minimis indirect cost rate as allowed under the Uniform Guidance when charging indirect costs to federal programs.
The schedule of expenditures of federal awards (Schedule) includes all federal award activity of the Organization under programs of the federal government for the year ended July 31, 2023. 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.