Notes to SEFA
Title: Basis of Presentation
Accounting Policies: (A) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. (B) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Both
Rate Explanation: The Foundation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance except for Federal Assistance Listing Number 21.027 where they elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Living Classrooms Foundation, Inc. and Affiliates (the Foundation) under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with 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 Foundation, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of the Foundation