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 allowable or are limited as to reimbursement. Some amounts presented in this Schedule may differ from amounts presented in, or used in the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Trust for Public Land applies indirect costs in accordance with specific terms of its award agreements.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the Trust for Public Land for the year ended June 30, 2022. 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 Trust for Public Land, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Trust for Public Land.
Title: Summary of Significant Accounting Policies
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 allowable or are limited as to reimbursement. Some amounts presented in this Schedule may differ from amounts presented in, or used in the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Trust for Public Land applies indirect costs in accordance with specific terms of its award agreements.
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 allowable or are limited as to reimbursement. Some amounts presented in this Schedule may differ from amounts presented in, or used in the basic financial statements.
Title: Indirect Cost Rate
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 allowable or are limited as to reimbursement. Some amounts presented in this Schedule may differ from amounts presented in, or used in the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Trust for Public Land applies indirect costs in accordance with specific terms of its award agreements.
The Trust for Public Land has elected to not use th 10% de minimus indirect cost rate. The Trust for Public Land applies indirect costs in accordance with specific terms of its award agreements.