Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The accrual basis of accounting, in accordance with generally accepted accounting principles, is used for the financial statements. Federal grant funds are considered to be earned to the extent of expenditures made under the provisions of the grant; and, accordingly, when such funds are received, they are recorded as deferred revenues until earned. At year end, receivables are recorded for expenditures in excess of receipts. 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) and for Cost Principles 45 CFR Part 75.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10 percent de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the Organization under programs of the federal government for the year ended August 31, 2024. 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. 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 position or cash flows of the Organization.