Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on SEFA are reported on the 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: Y
Rate Explanation: The auditee used the de minimis cost rate
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activity of Syrian American Medical Society Foundation (the Foundation) under programs of the federal government for the year ended December 31, 2023. The
information in SEFA is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The principal estimates and assumptions used in the preparation of SEFA relate to cost allowability and allocability (Note B). Actual results could differ from those estimates. Because 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.
Title: Federal Audits
Accounting Policies: Expenditures reported on SEFA are reported on the 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: Y
Rate Explanation: The auditee used the de minimis cost rate
The allowability of certain costs under government grants is subject to audit by the contracting agency. Certain indirect costs charged to grants are subject to revisions based on government audits of those costs. Management believes that costs are
consistent with applicable government cost principles, and that costs subsequently disallowed, if any, upon audit by the government would not be material.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on SEFA are reported on the 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: Y
Rate Explanation: The auditee used the de minimis cost rate
Expenditures reported on SEFA are reported on the 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.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on SEFA are reported on the 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: Y
Rate Explanation: The auditee used the de minimis cost rate
The Foundation has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Reconciliation to Financial Statements
Accounting Policies: Expenditures reported on SEFA are reported on the 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: Y
Rate Explanation: The auditee used the de minimis cost rate
See the Notes to the SEFA for chart/table