Notes to SEFA
Title: Basis of Presentation
Accounting Policies: GAAP
De Minimis Rate Used: Y
Rate Explanation: 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. The Organization has elected to use the ten-percent (10%) de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Momentum Wheels for Humanity under programs of the federal government for the year ended June 30, 2023. The information in the Schedule is presented in accordance with 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 Momentum Wheels for Humanity, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Momentum Wheels for Humanity.
Title: Summary of Significant Accounting Policies
Accounting Policies: GAAP
De Minimis Rate Used: Y
Rate Explanation: 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. The Organization has elected to use the ten-percent (10%) de minimis indirect cost rate allowed under the 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. The Organization has elected to use the ten-percent (10%) de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Amounts Provided to Sub-Recipient
Accounting Policies: GAAP
De Minimis Rate Used: Y
Rate Explanation: 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. The Organization has elected to use the ten-percent (10%) de minimis indirect cost rate allowed under the Uniform Guidance.
For the year ended June 30, 2023, no federal award expenditures were provided to sub-recipients.