Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: All Federal grant operations of the Organization are included in the scope of Title 2 U.S. Code of
Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles,
and Audit Requirements for Federal Awards (Uniform Guidance). The Single Audit was
performed in accordance with the provisions of the OMB Compliance Supplement (the
Compliance Supplement). Compliance testing of all requirements, as described in the Compliance
Supplement, was performed for the major grant program noted below. The programs on the
Schedule of Expenditures of Federal Awards (the Schedule) represent all Federal award programs
with fiscal year 2024, cash or non-cash expenditures activities. SB & Company, LLC (SBC)
has evaluated the Federal financial assistance programs of the Organization for the year ended
June 30, 2024 and have selected the major program listed below for testing. SBC tested to
ensure coverage of at least 20% of Federally granted funds and coverage for testing was 62%
of all Federal expenditures.
Expenditures reported on the Schedule 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 elected not to use the 10-percent de minimis
indirect cost rate as allowed under the Uniform Guidance.
The Schedule includes the Federal award activity of the Organization under programs of the
Federal government for the year ended June 30, 2024, on the accrual basis of accounting. The
information in this Schedule is presented in accordance with the requirements of Uniform
Guidance.