Notes to SEFA
Title: Noncash assistance, insurance and loans
Accounting Policies: The schedule of expenditures of federal awards includes the federal award activity of McPherson County
Community Foundation (the Foundation) under programs of the federal government for the year ended June 30,
2024. 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 Foundation, it is not intended to and does not present the statement of financial position,
statement of activities, or cash flows of the Foundation.
Expenditures on the schedule are reported on the accrual basis of accounting, modified to include capitalized
assets and to exclude depreciation expense. Such expenditures are recognized following the cost principles
contained in the Uniform Guidance, or other applicable regulatory guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Foundation has not elected to use the 10% de minimis indirect cost rate provisioned by the Uniform
Guidance Section 414, for reporting costs charged to federal award programs.
The Foundation did not receive or expend any Federal awards in the form of noncash assistance, insurance,
loans, or loan guarantees.
Title: Subrecipients
Accounting Policies: The schedule of expenditures of federal awards includes the federal award activity of McPherson County
Community Foundation (the Foundation) under programs of the federal government for the year ended June 30,
2024. 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 Foundation, it is not intended to and does not present the statement of financial position,
statement of activities, or cash flows of the Foundation.
Expenditures on the schedule are reported on the accrual basis of accounting, modified to include capitalized
assets and to exclude depreciation expense. Such expenditures are recognized following the cost principles
contained in the Uniform Guidance, or other applicable regulatory guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Foundation has not elected to use the 10% de minimis indirect cost rate provisioned by the Uniform
Guidance Section 414, for reporting costs charged to federal award programs.
The Foundation did not provide any federally sourced funding or assistance to subrecipients.