Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The SEFA is presented using the accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures federal awards (the “Schedule”) presents the activities in all of
the federal programs of Penn Foundation, Inc. d/b/a St. Luke’s Penn Foundation as of June 30, 2024. All
financial assistance received directly from federal agencies, as well as financial assistance passed through
other governmental agencies or non-profit organizations are included on the Schedule. 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: Basis of Accounting
Accounting Policies: The SEFA is presented using the accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying Schedule is presented using the accrual basis of accounting. The amounts reported in
this Schedule as expenditures may differ from certain financial reports submitted to federal, state, or county
funding agencies due to those reports being submitted on either a cash or modified accrual basis of
accounting.
Title: Indirect Cost Rate
Accounting Policies: The SEFA is presented using the accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Organization has not made an election pursuant to Uniform Guidance to receive the 10% de minimis
indirect cost rate.