Notes to SEFA
Title: Awards Provided to Subreceipients
Accounting Policies: The accompanying Consolidated Schedule of Expenditures of Federal Awards includes all federal contract activity of the Organization during the fiscal year ended July 31, 2024. This schedule is presented on the accrual basis of accounting. The information on this schedule is presented in accordance with the requrements 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 in, or used in the preparation of, the financial statements. 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 Organization has not elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
The Organization provided no federal awards to subrecipients during the fiscal year ended July 31, 2024.
Title: Contingency
Accounting Policies: The accompanying Consolidated Schedule of Expenditures of Federal Awards includes all federal contract activity of the Organization during the fiscal year ended July 31, 2024. This schedule is presented on the accrual basis of accounting. The information on this schedule is presented in accordance with the requrements 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 in, or used in the preparation of, the financial statements. 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 Organization has not elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
The contract revenue amounts received and expensed are subject to audit and adjustment. If any expenditures are disallowed by the funding organization as a result of such an audit, any claim for reimbursement to the funding organization would become a liability of the Organization. In the opinion of management, all contract expenditures are in compliance with the terms of the contracts and applicable federal state laws and regulations.