Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual or modified accrual basis of accounting. 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: The Organization has not elected to use the 10% de minimis indirect cost rate
The accompanying schedule of expenditures of federal and state awards (the Schedule) includes the federal award activity of SpiriTrust Lutheran and Subsidiaries (the Organization) 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 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 the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization. Additionally, due to the different reporting requirements of the consolidated financial statements from the above schedule, some amounts presented may differ from amounts presented in, or used in, the consolidated financial statements. The Schedule does not include the federal awards of certain controlled entities. Those controlled entities separately issued standalone schedules of expenditures of federal awards because the Department of Housing and Urban Development requires a standalone audit of the respective entities.
Title: FEMA Funding
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual or modified accrual basis of accounting. 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: The Organization has not elected to use the 10% de minimis indirect cost rate
The Organization received funding under the Public Assistance Federal Emergency Management agency (FEMA). These funds are not included on the Schedule of Expenditures of Federal Awards until FEMA has approved the Organization’s project and the Organization has incurred the eligible expenditures. The Organization has only included funds for which they have been obligated for expenditures that have occurred during the incident period of January 20, 2020 through May 11, 2023.