Notes to SEFA
Title: Basis of Presentation
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Up2Us has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Up2Us, Inc. (“Up2Us”) under programs of the federal government for the year ended August 31, 2023. The information in this Schedule 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 for Federal Awards (“Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of Up2Us, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Up2Us.
Title: Nonmonetary Assistance
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Up2Us has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance
Nonmonetary assistance is reported in the Schedule based on the amount disbursed or received. Up2Us did not receive any federal nonmonetary assistance.