Notes to SEFA
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity
of the Foundation under programs of the federal government for the year ended June 30, 2024. The information
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 Foundation, it is not intended to
and does not present the financial position, changes in net assets, or cash flows of the Foundation.
Summary of Significant Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has
been provided to a subrecipient.
Indirect Cost Rate: The Foundation has not elected to use the ten percent de minimus cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee used a negotiated indirect cost rate.