Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Organization 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). 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 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 to reimbursement. (A) The award for this agreement does not permit a request for reimbursement until the house has been completed and the certificate of occupancy has been issued. The Organization has considered this a measurable performance barrier (conditional promise to give) and, accordingly, expenditures for this award have not been recognized as revenue as of June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.