Notes to SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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.The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes thefederal award activity of the Foundation under programs of the federal government for the yearended March 31, 2022. The information in this Schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Because the Schedule presents only a selected portion of the operations of the Foundation, itis not intended to, and does not, present the financial position, changes in net assets, or cashflows of the Foundation.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.