Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule of federal awards are presented on the accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in OMB’s
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(“Uniform Guidance”).
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected not to use the 10-percent de minimus indirect cost rate allowed
under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant
activity of 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 (CFR) 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.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the schedule of federal awards are presented on the accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in OMB’s
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(“Uniform Guidance”).
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected not to use the 10-percent de minimus indirect cost rate allowed
under the Uniform Guidance.
Expenditures reported on the schedule of federal awards are presented on the accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in OMB’s
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(“Uniform Guidance”). Under federal cost principles, certain types of expenditures are not
allowable or are limited as to reimbursement. Pass-through entity identifying numbers are
presented where available.
Title: Sub-Recipients
Accounting Policies: Expenditures reported on the schedule of federal awards are presented on the accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in OMB’s
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(“Uniform Guidance”).
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected not to use the 10-percent de minimus indirect cost rate allowed
under the Uniform Guidance.
There were $89,391 provided to subrecipients from federal awards received during the year
ended December 31, 2023. East Carolina University received subrecipient funds of $35,902 and
Fountain Digital Consulting, LLC received subrecipient funds of $53,489.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the schedule of federal awards are presented on the accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in OMB’s
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(“Uniform Guidance”).
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected not to use the 10-percent de minimus indirect cost rate allowed
under the Uniform Guidance.
The Organization has elected not to use the 10-percent de minimus indirect cost rate allowed
under the Uniform Guidance.