Notes to SEFA
Title: Note 1 Basis of Presentation
Accounting Policies: See Note 1
De Minimis Rate Used: N
Rate Explanation: Cost rate used was approved by pass-through entity for benefits for the major program tested
The accompanying schedule of expenditures of federal awards (“Schedule”) includes the federal grant activity of the under programs of the federal government for the year ended August 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 the Organization, it is not intended to and does not present the statements of financial position, statements of activities, functional expenses, or cash flows of the Organization.
Title: Note 2 Summary of Significant Accounting Policies
Accounting Policies: See Note 1
De Minimis Rate Used: N
Rate Explanation: Cost rate used was approved by pass-through entity for benefits for the major program tested
Expenditures reported on the Schedule 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.
Title: Note 3 10 Percent De Minimis Indirect Cost Rate
Accounting Policies: See Note 1
De Minimis Rate Used: N
Rate Explanation: Cost rate used was approved by pass-through entity for benefits for the major program tested
The Organization has not elected to use the 10 percent de minimis indirect cost rate.