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 following the cost principles contained in Subpart F Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Pinellas Community Foundation did not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant activity of Pinellas Community 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 Subpart F 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 Pinellas Community Foundation, it is not intended to and does not present the financial position, changes in net assets or cash flows of Pinellas Community Foundation.
Title: Contingncies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Subpart F Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Pinellas Community Foundation did not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures incurred by Pinellas Community Foundation are subject to audit and possible disallowance by the state pass-through grantor agency. Management believes that, if audited, any adjustment for disallowed expenses would be immaterial.
Title: Related Parties
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Subpart F Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Pinellas Community Foundation did not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Several entities funded under the Foundation's grant agreement have members serving on the Foundation's Board of Directors. Board members requesting funding under the Foundation's grant agreement do not participate in funding decisions related to the organizations that employed the board members.