Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 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 where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Flint & Genesee Group Foundation has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Flint & Genesee Group Foundation under programs of the federal government for the year ended December 31, 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 Flint & Genesee Group Foundation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Flint & Genesee Group Foundation.
Title: Reconciliation to the Financial Statements
Accounting Policies: 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 where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Flint & Genesee Group Foundation has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
See note 3 on the Notes to the Schedule of Expenditures of Federal Awards
Title: Subrecipients
Accounting Policies: 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 where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Flint & Genesee Group Foundation has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Total federal awards provided to subrecipients was $575,411, related to Revitalization of Placemaking Program – RAP grant AL #21.027. Amounts were provided to 2 organizations in Genesee County.