Notes to SEFA
Title: Note 1. Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: 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. 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. FUV USA has elected to use the 10-percent de minimis indirect cost rate as allowed
under Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal award activity of FUV USA under
programs of the Federal Government for the year ended June 30, 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). The Schedule presents only a selected portion of the operations of FUV USA;
accordingly, it is not intended to and does not present the financial position, changes in net assets or cash flows of FUV USA.
Title: Note 2. Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: 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. 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. FUV USA has elected to use the 10-percent de minimis indirect cost rate as allowed
under Uniform Guidance.
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. 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. FUV USA has elected to use the 10-percent de minimis indirect cost rate as allowed
under Uniform Guidance.