Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
The schedule of expenditures of federal and non-federal awards (the "Schedule") includes the federal
and non-federal grant activity of the Corporation 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 Guidance Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform
Guidance), Audits of States, Local Government, and Non-Profit Organizations. Because the schedule
presents only a selected portion of the operations of the Corporation, it is not intended to and does not
present the financial position, changes in net assets, or cash flows of the Corporation.
Title: Summary of Significant Accounting Policies
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
The expenses reported on the Schedule are presented using the accrual basis of accounting. When federal awards were received from a pass-through entity, the Schedule show, if available, the identifying number assigned by the pass-through entity.
Title: Indirect Cost Rate
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
The Corporation has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Sub-Recipients
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
The Corporation did not provide any federal awards to sub-recipients for the year ended June 30, 2023.