Notes to SEFA
Title: Summary of Significant Accounting Policies and Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Organization and is presented on the accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The Organization elected to use the 10% de minimis indirect cost rate for the year ended December 31, 2023.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Organization and is presented 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
The expenditures are recognized following, as applicable, either the cost principles contained in OMB Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements.
Title: Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Organization and is presented on the accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The Organization elected to use the 10% de minimis indirect cost rate for the year ended December 31, 2023.
The Organization elected to use the 10% de minimis indirect cost rate for the year ended December 31, 2023.
Title: Federal Loans and Loan Guarantee Programs Outstanding
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Organization and is presented on the accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The Organization elected to use the 10% de minimis indirect cost rate for the year ended December 31, 2023.
The Organization had no balances of loan and loan guarantee programs outstanding as of December 31, 2023.