Notes to SEFA
Accounting Policies: Schedule of Expenditures of Federal Awards
The accompanying schedule of expenditures of federal awards presents the activity of federal awards of the Organization under programs of the federal government for the year ended February 29, 2024, 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Expenditures reported on the schedule of expenditures of federal awards 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 allowed or are limited as to reimbursement. The Organization has elected not to use the 10 percent de minimus indirect cost rate as allowed under Uniform Guidance.
The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Organization’s financial reporting system.
No amounts were provided to subrecipients. There were no loans or loan guarantees outstanding at yearend that are required under uniform guidance to be reported.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimus indirect cost rate as allowed under UniformGuidance.