Notes to SEFA
Title: Description of Major Programs
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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 not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Programs with the same Assistance Listing Number (AL) were combined as a cluster. Major programs were AL numbers 98.002 and 98.007. The major programs assist farmers and enterprises in low-income nations to transform into profitable, business minded entities. These programs manage agriculture and enterprise development in over 20 countries. Projects were implemented in Africa, Asia and the Middle East through partnerships that generate economic growth, improve health and nutrition and alleviate poverty. The aim is to transform lives by replacing poverty, and dependence with self-reliance.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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 not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Land O’Lakes Venture37 presents its schedule of federal expenditures of federal awards (the Schedule) 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 the Organization, it is not intended to and does not present the financial position, change in assets or cash flows of Land O’Lakes Venture37.