Notes to SEFA
Accounting Policies: 1. Basis of PresentationThe accompanying schedule of expenditures of federal awards (SEFA) includes thefederal award activity of the Federation under the programs of the federal government forthe year ended July 31, 2022. The information in the SEFA is presented in accordancewith the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the SEFA presents only a selected portion of theoperations of the Federation, it is not intended to, and does not, present the financialposition, changes in net assets, or cash flows of the Federation.2. Summary of Significant Accounting PoliciesExpenditures reported on the SEFA are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the UniformGuidance, where certain types of expenditures are not allowable or are limited as toreimbursement.3. Indirect Cost RateThe Federation has elected not to use the 10% de minimis indirect cost rate as allowed underthe Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.