Notes to SEFA
Title: Note 1 – Basis of Presentation
Accounting Policies: Expenditures reported in 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. The Conservancy recognizes grants to the extent that eligible grant costs are incurred. The Conservancy has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Conservancy has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Yerba Buena Gardens Conservancy (the Conservancy) under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the cost principles contained in 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 Conservancy, it is not intended to, and does not, present the financial position, changes in net assets, functional expenses or cash flows of the Conservancy.
Title: Note 2 – Summary of Significant Accounting Principles
Accounting Policies: Expenditures reported in 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. The Conservancy recognizes grants to the extent that eligible grant costs are incurred. The Conservancy has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Conservancy has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported in 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. The Conservancy recognizes grants to the extent that eligible grant costs are incurred. The Conservancy has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 3 – Subrecipients
Accounting Policies: Expenditures reported in 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. The Conservancy recognizes grants to the extent that eligible grant costs are incurred. The Conservancy has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Conservancy has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Conservancy did not provide federal awards to subrecipients during the year ended June 30, 2024
Title: Note 4 – Use of Program Income
Accounting Policies: Expenditures reported in 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. The Conservancy recognizes grants to the extent that eligible grant costs are incurred. The Conservancy has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Conservancy has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
During the year ended June 30, 2024, the Conservancy did not receive direct funding for the Community Development Block Grant/Entitlement Grants Program (Federal Assistance Listing Number 14.218). Program expenditures represent use of program income generated from programs funded by the Community Development Block Grant/Entitlement Grants Program.