Notes to SEFA
Title: Note 1. Basis of Presentation
Accounting Policies: (a) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for Non-Profit Trusts, wherein certain types of expenditures are not allowable or are limited as to reimbursement. 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.
(b) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Trust utilized the 10% de minimis indirect cost rate to the extent they charge indirect costs.
The accompanying schedule of expenditures of federal awards (“the Schedule”) includes the federal grant activity of the Trust 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 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 Trust it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Trust.
Title: Note 2. Summary of Significant Accounting Policies
Accounting Policies: (a) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for Non-Profit Trusts, wherein certain types of expenditures are not allowable or are limited as to reimbursement. 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.
(b) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Trust utilized the 10% de minimis indirect cost rate to the extent they charge indirect costs.
(a) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for Non-Profit Trusts, wherein certain types of expenditures are not allowable or are limited as to reimbursement. 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.
(b) Pass-through entity identifying numbers are presented where available.
Title: Note 3. Indirect Cost Rate
Accounting Policies: (a) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for Non-Profit Trusts, wherein certain types of expenditures are not allowable or are limited as to reimbursement. 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.
(b) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Trust utilized the 10% de minimis indirect cost rate to the extent they charge indirect costs.
The Trust utilized the 10% de minimis indirect cost rate to the extent they charge indirect costs.
Title: Note 4. Subrecipient Expenditures
Accounting Policies: (a) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for Non-Profit Trusts, wherein certain types of expenditures are not allowable or are limited as to reimbursement. 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.
(b) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Trust utilized the 10% de minimis indirect cost rate to the extent they charge indirect costs.
The Trust does not have any subrecipient expenditures.