Notes to SEFA
Accounting Policies: Basis of Accounting and Presentation – The Schedule of Expenditures of Federal and State Awards is prepared using the accrual basis of accounting. The information in the schedule is presented in accordance with the Uniform Guidance; therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Indirect Costs – Expenditures of federal and state awards may include a portion of costs associated with general and administrative activities, which are allocated to federal and state assistance programs under negotiated formulas, commonly referred to as indirect cost rates and federally and state approved cost allocation plans. The Organization has not negotiated an indirect rate with its federal and state cognizant agency and has elected to use the de minimis rate of 10% of the modified total direct cost as an indirect cost allocation factor, as allowed under 2 CFR §200.414 when allowable by federal and state grantors.
Sub-Recipients – There were no sub-recipients of the federal and state awards received by Project Amistad for the year ended August 31, 2024.
De Minimis Rate Used: Y
Rate Explanation: The Organization has not negotiated an indirect rate with its federal and state cognizant agency and has elected to use the de minimis rate of 10% of the modified total direct cost as an indirect cost allocation factor, as allowed under 2 CFR §200.414 when allowable by federal and state grantors.