Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, as described in Note A to the
financial statements. 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. Negative amounts shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures
in prior years.
De Minimis Rate Used: N
Rate Explanation: The Foundation has elected not to use the 10% 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 the
Initiative Foundation (the Foundation) under programs of the federal government for the year 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 (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 the Initiative
Foundation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the
Initiative Foundation.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, as described in Note A to the
financial statements. 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. Negative amounts shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures
in prior years.
De Minimis Rate Used: N
Rate Explanation: The Foundation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting, as described in Note A to the
financial statements. 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. Negative amounts shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures
in prior years.
Title: INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, as described in Note A to the
financial statements. 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. Negative amounts shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures
in prior years.
De Minimis Rate Used: N
Rate Explanation: The Foundation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Foundation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: FEDERAL LOAN PROGRAM
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, as described in Note A to the
financial statements. 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. Negative amounts shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures
in prior years.
De Minimis Rate Used: N
Rate Explanation: The Foundation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The federal loan program listed subsequently is administered directly by the Initiative Foundation and balances and
transactions relating to this program are included in the Initiative Foundation’s basic financial statements. Loans
outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented
in the Schedule. During the year ended December 31, 2023, all loans made from the Foundation’s federal loan program
were made from fully revolved funds and therefore are not considered federal expenditures. The balance of loans
outstanding at December 31, 2023 consists of: Intermediary Relending Program 10.767 $426,380
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, as described in Note A to the
financial statements. 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. Negative amounts shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures
in prior years.
De Minimis Rate Used: N
Rate Explanation: The Foundation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Foundation did not pass through any federal funds to subrecipients during the year ended December 31, 2023.
Title: PASS-THROUGH IDENTIFIER
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, as described in Note A to the
financial statements. 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. Negative amounts shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures
in prior years.
De Minimis Rate Used: N
Rate Explanation: The Foundation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Foundation’s pass-through identifying numbers assigned by pass-through entities are unknown.