Notes to SEFA
Title: RELATIONSHIP TO THE FINANCIAL STATEMENTS
Accounting Policies: BASIS OF PRESENTATION: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Southwest Louisiana Area Health Education Center Foundation 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 the 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. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (1) 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 reimbursements. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: SWLAHEC has elected not to use the 10% de minimis indirect cost rate for the year ended June 30, 2023.
Amounts reported in the Schedule of Expenditures of Federal Awards agree with the amounts reported in the related federal financial reports