Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The Schedule is presented 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 to reimbursement. Pass-through entity identifying numbers are presented when available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate per CFR 200.414 as allowed under Uniform Guidance, on all contracts except COVID19: Education Stabilization Fund, however, the actual amount expended for indirect costs was less than the 10% allowed. There is not enough funds available after covering program costs to be able to charge indirect costs.
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.
Title: Summary of Significant Accounting Policies
Accounting Policies: The Schedule is presented 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 to reimbursement. Pass-through entity identifying numbers are presented when available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate per CFR 200.414 as allowed under Uniform Guidance, on all contracts except COVID19: Education Stabilization Fund, however, the actual amount expended for indirect costs was less than the 10% allowed. There is not enough funds available after covering program costs to be able to charge indirect costs.
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 to reimbursement. Pass-through entity identifying numbers are presented when available.
Title: Indirect Cost Rate
Accounting Policies: The Schedule is presented 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 to reimbursement. Pass-through entity identifying numbers are presented when available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate per CFR 200.414 as allowed under Uniform Guidance, on all contracts except COVID19: Education Stabilization Fund, however, the actual amount expended for indirect costs was less than the 10% allowed. There is not enough funds available after covering program costs to be able to charge indirect costs.
The Organization has not elected to use the 10% de minimis indirect cost rate per CFR 200.414 as allowed under Uniform Guidance, on all contracts except for one. The Organization elected to use the 10% indirect cost rate on one contract, however, the actual amount expended was lower than 10%.
Title: Loan and Loan Guarantee Programs
Accounting Policies: The Schedule is presented 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 to reimbursement. Pass-through entity identifying numbers are presented when available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate per CFR 200.414 as allowed under Uniform Guidance, on all contracts except COVID19: Education Stabilization Fund, however, the actual amount expended for indirect costs was less than the 10% allowed. There is not enough funds available after covering program costs to be able to charge indirect costs.
None of the federal awards expended by the Organization were for loan or loan guarantee programs.