Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting except that reported expenditures include website costs capitalized as assets and not reported as expenses in the financial statements. 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.
De Minimis Rate Used: N
Rate Explanation: Humanities Montana did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance of Humanities Montana for the year ended October 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 Humanities Montana, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Humanities Montana.
Title: Programs
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting except that reported expenditures include website costs capitalized as assets and not reported as expenses in the financial statements. 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.
De Minimis Rate Used: N
Rate Explanation: Humanities Montana did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Humanities Montana receives a significant portion of funding from the National Endowment for the Humanities (NEH). The primary program for the year ended October 31, 2023, was the National Endowment for the Humanities comprised of ALN 45.129.
Title: Re-Grants (Subrecipients)
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting except that reported expenditures include website costs capitalized as assets and not reported as expenses in the financial statements. 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.
De Minimis Rate Used: N
Rate Explanation: Humanities Montana did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Organization provided re-grant awards to subrecipients based on the program guidelines. The total amount provided to subrecipients was $162,944 for the year ended October 31, 2023.