Notes to SEFA
Title: Federal and Insurance and Loan Programs
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. Pass-through entity numbers are presented when available. None of the federal expenditures on the Schedule were provided to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Organization had no federal insurance programs in effect and no loan or loan guarantee programs outstanding during the year ended April 30, 2022.
Title: Relationship to Basic Financial Statements
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. Pass-through entity numbers are presented when available. None of the federal expenditures on the Schedule were provided to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal awards included in the accompanying schedule of expenditures of federal awards are reported as grant revenue in the Organization's basic financial statements.