Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited as to reimbursement. The Foundation used the 10 percent de minimis indirect costrate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activityof the Foundation under programs of the federal government for the year ended September 30, 2022. Theinformation in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards. Because the Schedule presents only a selected portion of the operations of the Foundation, it isnot intended to and does not present the financial position, changes in net assets, or cash flows of the Foundation.
Title: Contingencies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited as to reimbursement. The Foundation used the 10 percent de minimis indirect costrate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Foundations federal programs are subject to financial and compliance audits by grantor agencies which, ifinstances of material noncompliance are found, may result in disallowed expenditures and affect its continuedparticipation in specific programs. The amount, if any, of expenditures, which may be disallowed by the grantoragencies, cannot be determined at this time. However, the Foundation expects such amounts, if any, to beimmaterial.
Title: Categorization of Expenditures
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited as to reimbursement. The Foundation used the 10 percent de minimis indirect costrate as allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The categorization of expenditures by program included in the schedule of expenditures of federal awards is basedupon the grant documents. Changes in the categorization of expenditures occur based upon revisions to theAssistance Listing, which is typically issued in June and December of each year. The schedule of expenditures offederal awards for the year ended September 30, 2022 reflects Assistance Listing changes issued through April2022.