Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB's Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance"). Under federal cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifiying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of The Teagle Foundation, Incorporated (the “Organization”) under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB's Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance"). Under federal cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifiying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule of Expenditures of Federal Awards are presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB's Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance"). Under federal cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifiying numbers are presented where available.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB's Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance"). Under federal cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifiying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
The Organization has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
Title: Note 4 - Sub-Recipients
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB's Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance"). Under federal cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifiying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
The Organization has one federally funded program, the major program. The amount paid to sub-recipients through federal award AL# 45.162, Promotion of the Humanities Teaching and Learning Resources and Curriculum Development was $981,625 in FY24.