Notes to SEFA
Title: Note 1 – Basis of Presentation
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The School elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award
activity of Springville Community and Rural Foundation, Inc. d/b/a Springville Community Academy (the
School) 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 School, it is not
intended to and does not represent the financial position, results of its operations, functional expenses, or
cash flows of the School.
Title: Note 2 – Summary of significant Accounting Policies
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The School elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
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.
Title: Note 3 – Indirect Cost Rate
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The School elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
The School elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.