Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Save the RedwoodsLeague (the League) under programs of the federal government for the year ended March 31, 2022. The information in this Schedule ispresented in accordance with the requirements of Title 2, U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only aselected portion of the operations of the League, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the League.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following thecost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement.