Notes to SEFA
Title: 1. Basis of Presentation
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate, as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (SEFA) includes the
federal award activity of the Organization under the programs of the federal government
for the year ended June 30, 2024. The information in the SEFA 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 SEFA 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 assets, or cash flows of the Organization.
Title: 2. Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate, as allowed under the Uniform Guidance.
Expenditures reported on the SEFA are reported on the accrual basis of accounting. 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.
Title: 3. Indirect Cost Rate
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate, as allowed under the Uniform Guidance.
The Organization has elected not to use the 10% de minimis indirect cost rate, as allowed under the Uniform Guidance.
Title: 4. Non-Low Risk Auditee
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate, as allowed under the Uniform Guidance.
In order to qualify as a low-risk auditee, the Organization must meet the conditions set by
the Uniform Guidance for each of the preceding two audit periods.
The Organization did not require the Uniform Guidance audit for the year ended June 30,
2022 since the total expenditures of federal awards were below the Uniform Guidance
threshold of $750,000 for the year then ended. Therefore, the Organization did not
qualify as a low-risk auditee for the year ended June 30, 2024 since a Uniform Guidance
audit was not performed for each of the preceding two audit periods.