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, as applicable, either the cost principles in
OMB Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles
contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein
certain types of expenditures are not allowable or are limited as to reimbursement. Negative
amounts shown on the Schedule represent adjustments or credits made in the normal
course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: The Corporation
has elected to use the 10% 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 the Corporation. 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 2 CFR 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
Corporation, it is not intended to and does not present the financial position, changes in net
deficit, or cash flows of the Corporation.