Notes to SEFA
Title: NOTE 1: GENERAL
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting in accordance with generally accepted accounting principles as further described in Note 2 of the basic financial statements. Federal revenues are considered to be earned to the extent of expenditures made under the provisions of the grant, and accordingly, when such funds are received they are recorded as deferred revenue until earned.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The accompanying schedule of expenditures of federal awards presents expenditures of all federal financial assistance programs that were in effect for the year ended September 30, 2024, for The Other Ones Foundation (the Foundation). The Foundation's reporting entity is defined in Note 2 of the basic financial statements. Federal financial assistance received directly from federal agencies as well as federal financial assistance passed through other government agencies are included on the schedule.
Title: NOTE 2: BASIS OF ACCOUNTING
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting in accordance with generally accepted accounting principles as further described in Note 2 of the basic financial statements. Federal revenues are considered to be earned to the extent of expenditures made under the provisions of the grant, and accordingly, when such funds are received they are recorded as deferred revenue until earned.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting in accordance with generally accepted accounting principles as further described in Note 2 of the basic financial statements. Federal revenues are considered to be earned to the extent of expenditures made under the provisions of the grant, and accordingly, when such funds are received they are recorded as deferred revenue until earned.
Title: NOTE 3: INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting in accordance with generally accepted accounting principles as further described in Note 2 of the basic financial statements. Federal revenues are considered to be earned to the extent of expenditures made under the provisions of the grant, and accordingly, when such funds are received they are recorded as deferred revenue until earned.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The Foundation has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.