Notes to SEFA
Title: Reporting Entity
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principle contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. This method is consistent with the preparation of the Foundation’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Foundation has elected not to use the 10% de minimus cost rate allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
award activity of the Foundation 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 Foundation, it is not intended to and does not present
the financial position, activities, or cash flows of the Foundation.
Title: Basis of Accounting
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principle contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. This method is consistent with the preparation of the Foundation’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Foundation has elected not to use the 10% de minimus cost rate allowed under Uniform Guidance.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principle contained in the Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement. This method is
consistent with the preparation of the Foundation’s financial statements.
Title: Inidrect Cost Rates
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principle contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. This method is consistent with the preparation of the Foundation’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Foundation has elected not to use the 10% de minimus cost rate allowed under Uniform Guidance.
The Foundation has elected not to use the 10% de minimis cost rate allowed under Uniform
Guidance