Notes to SEFA
Title: Note 1 – Basis of Presentation
Accounting Policies: Expenditures reported on the schedule 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 allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has a federally negotiated indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the schedule) includes the federal grant activity of the Corporation under programs of the federal government for the year ended January 31, 2024. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulation (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 operation of the Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flow of the Corporation.
The Assistance Listing Number (ALN) is a program identification number. The first two digits identify the federal department or agency that administers the program, and the last three numbers are assigned by numerical sequence. Pass-through entity identifying numbers are presented where available. Numbers identified as N/A are not applicable and numbers identified as N/AV are not available.
Title: Note 2 – Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the schedule 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 allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has a federally negotiated indirect cost rate.
Expenditures reported on the schedule 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 allowable or are limited as to reimbursement.
Title: Note 3 – Indirect Cost Rate
Accounting Policies: Expenditures reported on the schedule 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 allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has a federally negotiated indirect cost rate.
The Corporation has a federally negotiated indirect cost rate.
Title: Note 4 – Reconciliation of Expenditures Presented in the Schedule of Expenditures of Federal Awards to the Expenses Presented in the Financial Statements
Accounting Policies: Expenditures reported on the schedule 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 allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has a federally negotiated indirect cost rate.
s
Description Amount
Total federal awards expenditures per SEFA $ 4,697,428
Less: Capitalized federal awards (86,200)
Add: Non federal awards expenditures 53,039,871
Total expenses per financial statements $ 57,651,09