Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: SEE ATTACHED FORM.
De Minimis Rate Used: N
Rate Explanation: THE FOUNDATION DID NOT ELECT TO USE THE 10% DE MINIMIS INDIRECT COST RATE.
The accompanying Schedule of Expenditures of Federal Awards includes the Federal grant activity of the Foundation for the year ended June 30, 2023. The information in the Schedule of Expenditures of Federal Awards is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards, (Uniform Guidance). Because the Schedule presents only a selected portion of the operations, it is not intended to and does not present the financial position, change in net assets, or cash flows of the Foundation.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: SEE ATTACHED FORM.
De Minimis Rate Used: N
Rate Explanation: THE FOUNDATION DID NOT ELECT TO USE THE 10% DE MINIMIS INDIRECT COST RATE.
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, as well as other applicable provisions of contracts and grant agreements, wherein certain types of expenditures are not allowable or are limited as to reimbursements, as applicable
Title: Note 3 - Indirect Cost Rate
Accounting Policies: SEE ATTACHED FORM.
De Minimis Rate Used: N
Rate Explanation: THE FOUNDATION DID NOT ELECT TO USE THE 10% DE MINIMIS INDIRECT COST RATE.
The Foundation did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note 4 - Contingency
Accounting Policies: SEE ATTACHED FORM.
De Minimis Rate Used: N
Rate Explanation: THE FOUNDATION DID NOT ELECT TO USE THE 10% DE MINIMIS INDIRECT COST RATE.
The grant and contract revenue amounts received are subject to audit and adjustment. If any expenditures or expenses are disallowed by the grantor agencies as a result of such an audit, any claim for reimbursement to the grantor/contract agencies would become a liability of the Foundation. In the opinion of management, all grant and contract expenditures are in compliance with the terms of the agreements and applicable Federal and state laws and other applicable regulations.