Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the LSU Foundation and is presented on the accrual basis of accounting. The information in this schedule is also presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2024, the LSU Foundation did not elect to use the 10% de minimus cost rate as allowed by §200.414 of the Uniform Guidance
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the LSU Foundation and is presented on the accrual basis of accounting. The information in this schedule is also presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations for Federal Awards (Uniform Guidance).
Title: Note B - Reconciliation of Construction in Progress to Federal Expenditures
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the LSU Foundation and is presented on the accrual basis of accounting. The information in this schedule is also presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2024, the LSU Foundation did not elect to use the 10% de minimus cost rate as allowed by §200.414 of the Uniform Guidance
Reconciliation of construction in progress to federal expenditures:
Total additions to construction-in-progress $ 15,385,876
Less: additions acquired with non-federal awards ( 8,491,646)
Less: prior period expenditures ( 2,401,874)
Total federal expenditures $ 4,492,356
Title: Note C - De Minimus Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the LSU Foundation and is presented on the accrual basis of accounting. The information in this schedule is also presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2024, the LSU Foundation did not elect to use the 10% de minimus cost rate as allowed by §200.414 of the Uniform Guidance
During the year ended June 30, 2024, the LSU Foundation did not elect to use the 10% de minimus cost rate as allowed by §200.414 of the Uniform Guidance.