Notes to SEFA
Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the award activity of Racine Zoological Society, Inc. (the Society) under programs of the Federal government for the year ended December 31, 2022. 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 Society, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Society. NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the schedule 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 limited to reimbursement or grant stipulations.
De Minimis Rate Used: N
Rate Explanation: The Society has indirect rates that are directly negotiated with each funding source. Accordingly, the Organization did not elect to use the 10% de minimis indirect cost rate.