Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures presented on the schedule of expenditures of federal awards are reported on the accural basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. Under those cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance. Instead, the Organization has elected to us a 12.9 percent indirect cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant award activity of Foundation 2, Inc. 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 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 or used in the preparation of the basic financial statements.
Title: Note 4 - Subrecipients
Accounting Policies: Expenditures presented on the schedule of expenditures of federal awards are reported on the accural basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. Under those cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance. Instead, the Organization has elected to us a 12.9 percent indirect cost rate.
The Organization did not pass through any federal awards to subrecipients.