Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Rodney Scheel House Foundation, Ltd. did not elect to use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of The Rodney Scheel House Foundation, Ltd. under programs of the federal government for the year ended December 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 (Uniform Guidance). Because the schedule presents only a selected portion of the operations of The Rodney Scheel House Foundation, Ltd., it is not intended to and does not present the financial position, changes in net assets, or cash flows of The Rodney Scheel House Foundation, Ltd.
Title: Note 3 - Capital Advance
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Rodney Scheel House Foundation, Ltd. did not elect to use the 10% de minimis cost rate.
The balance of the capital advance from the Department of Housing and Urban Development at December 31, 2024 was $1,354,314.
The balance of the capital advance from the City of Madison at December 31, 2024 was $218,115.
Title: Note 5 - Subrecipients
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Rodney Scheel House Foundation, Ltd. did not elect to use the 10% de minimis cost rate.
The Rodney Scheel House Foundation, Ltd. did not use any subrecipients.