Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient. Indirect Cost Rate CFA has elected to use the 10% de minimis cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Center for the Future of Arizona (CFA) under programs of the federal government for the year ended June 30, 2023. The information 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 CFA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of CFA.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient. Indirect Cost Rate CFA has elected to use the 10% de minimis cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee used the de minimis cost rate.
Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has
been provided to a subrecipient.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient. Indirect Cost Rate CFA has elected to use the 10% de minimis cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee used the de minimis cost rate.
CFA has elected to use the 10% de minimis cost rate.