Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance includes the federal and state grant activity of the Foundation for the year ended December 31, 2023. The information in this schedule is presented in accordance with the requirements of the Title 2 US 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 Foundation, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Foundation. 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 Foundation has not elected to use the 10% de minimus rate.