Notes to SEFA
Accounting Policies: Note A Basis of PresentationThe accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of the Excellerate Foundation and Excellerate Foundation Charitable Support (the Foundation) and is presented in accordance with accounting principles generally accepted in the United States of America. The information in the SEFA 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 SEFA 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. Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles in the Office of Management and Budget A-110 or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Foundation has not elected to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance, Section 206.414.