Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: Note A - Basis of Presentation
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal
award activity of The Rosamond Gifford Charitable Corporation (the Corporation) 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 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 Corporation, it is not intended to and does not present the financial position,
results of operations, changes in net assets or cash flows of the Corporation.
Note B - Summary of Significant Accounting Policies
Expenditures 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 not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Note C - Indirect Cost Rate
The Corporation has elected not 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
award activity of The Rosamond Gifford Charitable Corporation (the Corporation) 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 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 Corporation, it is not intended to and does not present the financial position,
results of operations, changes in net assets or cash flows of the Corporation.
Title: Note B - Summary of Significant Accounting Policies
Accounting Policies: Note A - Basis of Presentation
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal
award activity of The Rosamond Gifford Charitable Corporation (the Corporation) 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 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 Corporation, it is not intended to and does not present the financial position,
results of operations, changes in net assets or cash flows of the Corporation.
Note B - Summary of Significant Accounting Policies
Expenditures 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 not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Note C - Indirect Cost Rate
The Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the
Uniform Guidance.
Expenditures 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 not allowable or are limited as to reimbursement.
Title: Note C - Indirect Cost Rate
Accounting Policies: Note A - Basis of Presentation
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal
award activity of The Rosamond Gifford Charitable Corporation (the Corporation) 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 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 Corporation, it is not intended to and does not present the financial position,
results of operations, changes in net assets or cash flows of the Corporation.
Note B - Summary of Significant Accounting Policies
Expenditures 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 not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Note C - Indirect Cost Rate
The Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the
Uniform Guidance.
The Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the
Uniform Guidance.