Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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: Foundation for Recovery, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Foundation for Recovery, Inc. (Organization), under programs of the federal government for the year ended December 31, 2023 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 and Title 45 U.S. Code of Federal Regulations Part 75, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for HHS Awards (Uniform Guidance). Because this schedule only presents a select portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, functional expenses, or cash flows of the Organization.
Title: ECONOMIC INJURY DISASTER LOAN
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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: Foundation for Recovery, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
The Organization received an Economic Injury Disaster Loan from the U.S. Small Business Administration during the year ended December 31, 2022. The remaining outstanding principal balance as of December 31, 2023 was $500,000.