Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: The Schedule is prepared on the accrual basis of accounting. Expenditures are recognized following the cost accounting principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Direct expenses are recorded based upon actual expenses incurred that are allowable per the program requirements. Indirect expenses are allocated based upon recorded direct expenses. The Foundation has elected to use the 10 percent deminimis indirect cost rate allowed under the Uniform Guidance.
The Schedule is prepared on the accrual basis of accounting. Expenditures are recognized following the cost accounting principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited to reimbursement.
Title: Indirect Cost
Accounting Policies: The Schedule is prepared on the accrual basis of accounting. Expenditures are recognized following the cost accounting principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Direct expenses are recorded based upon actual expenses incurred that are allowable per the program requirements. Indirect expenses are allocated based upon recorded direct expenses. The Foundation has elected to use the 10 percent deminimis indirect cost rate allowed under the Uniform Guidance.
Direct expenses are recorded based upon actual expenses incurred that are allowable per the program requirements. Indirect expenses are allocated based upon recorded direct expenses. The Foundation has elected to use the 10 percent deminimis indirect cost rate allowed under the Uniform Guidance.