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 based on the cost principles contrained in Uniform Guidance where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Hemophilia Foundation of Michigan has elected not to use the 10 percent deminimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Hemophilia Foundation of Michigan and Affiliate under programs of the federal government for theyear ended December 31, 2023. The information in this Schedule 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 Hemophilia Foundation of Michigan and Affiliate, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of Hemophilia Foundation of Michigan and Affiliate.
Title: Reconciliation to the Financial Statements
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized based on the cost principles contrained in Uniform Guidance where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Hemophilia Foundation of Michigan has elected not to use the 10 percent deminimis indirect cost rate as allowed under the Uniform Guidance.
Federal financial assistance revenue is included in the consolidated financial statements as federal grants.
Title: Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized based on the cost principles contrained in Uniform Guidance where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Hemophilia Foundation of Michigan has elected not to use the 10 percent deminimis indirect cost rate as allowed under the Uniform Guidance.
See Notes to the Schedule of Expenditures of Federal Awards for table.