Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: Y
Rate Explanation: AUDITEE USED DE MINIMUS COST RATE
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity under programs of the federal government for the year ended June 30, 2023. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Arrowleaf, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: Y
Rate Explanation: AUDITEE USED DE MINIMUS COST RATE
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
Title: INDIRECT COST RATE
Accounting Policies: ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: Y
Rate Explanation: AUDITEE USED DE MINIMUS COST RATE
Arrowleaf has elected to use the de minimus indirect cost rate as allowed under the Uniform Guidance.