Audit 309403

Title: NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: Basis of presentation – The schedule of expenditures of federal awards (the schedule) is prepared on the accrual basis of accounting. 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). Federal expenses include allowable expenses funded by federal grants. Allowable costs are subject to the cost principles of the Uniform Guidance and include both costs that are capitalized and costs that are recognized as expenses in the Foundation’s financial statements in conformity with generally accepted accounting principles. The Foundation does not use the 10% de minimis rate for indirect costs. Indirect costs are reported utilizing the Foundation’s approved indirect cost rate from the U. S. Department of the Interior. Because the schedule presents only a selected portion of the operations of the Foundation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Foundation. De Minimis Rate Used: N Rate Explanation: The Auditee has elected not to use an indirect cost rate. Basis of presentation – The schedule of expenditures of federal awards (the schedule) is prepared on the accrual basis of accounting. 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). Federal expenses include allowable expenses funded by federal grants. Allowable costs are subject to the cost principles of the Uniform Guidance and include both costs that are capitalized and costs that are recognized as expenses in the Foundation’s financial statements in conformity with generally accepted accounting principles. The Foundation does not use the 10% de minimis rate for indirect costs. Indirect costs are reported utilizing the Foundation’s approved indirect cost rate from the U. S. Department of the Interior. Because the schedule presents only a selected portion of the operations of the Foundation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Foundation.