Title: Note 1 - Basis of Accounting
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity
of Local First Arizona Foundation (“Foundation”) and is presented on the accrual basis of
accounting. 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). Therefore,
some amounts presented in this schedule may differ from amounts presented in, or used in the
preparation of, the financial statements.
De Minimis Rate Used: Y
Rate Explanation: Local First has elected to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance for those programs that allow charging of indirect costs.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Local First Arizona Foundation (“Foundation”) and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the
preparation of, the financial statements.
Title: Note 2 - Assistance Listing Number
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity
of Local First Arizona Foundation (“Foundation”) and is presented on the accrual basis of
accounting. 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). Therefore,
some amounts presented in this schedule may differ from amounts presented in, or used in the
preparation of, the financial statements.
De Minimis Rate Used: Y
Rate Explanation: Local First has elected to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance for those programs that allow charging of indirect costs.
The program titles and assistance listing numbers were obtained from the federal or passthrough grantor or the 2023 assistance listing.
Title: Note 3 – Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity
of Local First Arizona Foundation (“Foundation”) and is presented on the accrual basis of
accounting. 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). Therefore,
some amounts presented in this schedule may differ from amounts presented in, or used in the
preparation of, the financial statements.
De Minimis Rate Used: Y
Rate Explanation: Local First has elected to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance for those programs that allow charging of indirect costs.
Local First has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance for those programs that allow charging of indirect costs.
Title: Note 4 - Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity
of Local First Arizona Foundation (“Foundation”) and is presented on the accrual basis of
accounting. 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). Therefore,
some amounts presented in this schedule may differ from amounts presented in, or used in the
preparation of, the financial statements.
De Minimis Rate Used: Y
Rate Explanation: Local First has elected to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance for those programs that allow charging of indirect costs.
Local First did not pass through federal funding to subrecipients during the year ended December 31, 2023.