Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: Costs were allocated to the grant based on actual costs incurred. Indirect costs were applied using allocations based on actual services performed as this is the best method to accumulate costs.
The above Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Indiana Humanities Council, Inc. (IH) for the year ended October 31, 2023 and is presented on the accrual basis. 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 IH, it is not intended to and does not present the financial position, changes in net assets, or cash flows of IH.
Title: Note 2 - Summary of Significant Acocunting Policies
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: Costs were allocated to the grant based on actual costs incurred. Indirect costs were applied using allocations based on actual services performed as this is the best method to accumulate costs.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. IH has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.