Notes to SEFA
Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: Expenditures for direct costs are recognized as incurred using the accrual method of accounting and
the cost accounting principles contained in the Uniform Guidance. Under these cost principles, certain
types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10% de minimis cost rate under Title 2 U.S. CFR Part 200,
Subpart E, Cost Principles.
The accompanying schedule of expenditures of federal awards summarizes the expenditures of the
Organization under programs of the federal government for the year ended June 30, 2024 and is
presented on the accrual basis of accounting. The information in this schedule is presented in
accordance with the provisions of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the
“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 – ACCOUNTING PRINCIPLES
Accounting Policies: Expenditures for direct costs are recognized as incurred using the accrual method of accounting and
the cost accounting principles contained in the Uniform Guidance. Under these cost principles, certain
types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10% de minimis cost rate under Title 2 U.S. CFR Part 200,
Subpart E, Cost Principles.
Expenditures for direct costs are recognized as incurred using the accrual method of accounting and
the cost accounting principles contained in the Uniform Guidance. Under these cost principles, certain
types of expenditures are not allowable or are limited as to reimbursement.
Title: NOTE 3 – INDIRECT COST RATE
Accounting Policies: Expenditures for direct costs are recognized as incurred using the accrual method of accounting and
the cost accounting principles contained in the Uniform Guidance. Under these cost principles, certain
types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10% de minimis cost rate under Title 2 U.S. CFR Part 200,
Subpart E, Cost Principles.
The Organization elected not to use the 10% de minimis cost rate under Title 2 U.S. CFR Part 200,
Subpart E, Cost Principles.
Title: NOTE 4 – CONTINGENCIES
Accounting Policies: Expenditures for direct costs are recognized as incurred using the accrual method of accounting and
the cost accounting principles contained in the Uniform Guidance. Under these cost principles, certain
types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10% de minimis cost rate under Title 2 U.S. CFR Part 200,
Subpart E, Cost Principles.
The Organization’s federal programs are subject to financial and compliance audits by grantor
agencies which, if instances of material noncompliance are found, may result in disallowed
expenditures and affect the Organization’s continued participation in specific programs. The amount,
if any, of expenditures which may be disallowed by the grantor agencies cannot be determined at this
time, although the Organization expects such amounts, if any, to be insignificant.