Notes to SEFA
Title: NOTE 3 - RELATIONSHIP TO THE FINANCIAL STATEMENTS
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 OMB Compliance Supplement, Cost Principles for Nonprofit Organizations, 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.
De Minimis Rate Used: N
Rate Explanation: The Foundation has elected not to use the 10 percent de-minimis indirect cost rate as allowed under Uniform Guidance.
The amounts reported in the accompanying schedule agree, in all material respects, to amounts reported within the Foundation’s financial statements. Federal award revenues are reported principally in the Foundation’s financial statements as grant revenues.
Title: NOTE 4 - RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
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 OMB Compliance Supplement, Cost Principles for Nonprofit Organizations, 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.
De Minimis Rate Used: N
Rate Explanation: The Foundation has elected not to use the 10 percent de-minimis indirect cost rate as allowed under Uniform Guidance.
Amounts reported in the accompanying schedule agree or can be reconciled with the amounts reported or to be reported in the federal financial reports.
Title: NOTE 5 - PASS-THROUGH ENTITIES' IDENTIFYING NUMBER
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 OMB Compliance Supplement, Cost Principles for Nonprofit Organizations, 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.
De Minimis Rate Used: N
Rate Explanation: The Foundation has elected not to use the 10 percent de-minimis indirect cost rate as allowed under Uniform Guidance.
When federal awards were received from a pass-through entity, the Schedule of Expenditures of Federal Awards shows, if available, the identifying number assigned by the pass-through entity. When no identifying number is shown, the Foundation has determined that no identifying number is assigned for the program or the Foundation was unable to obtain an identifying number from the pass-through entity.