Notes to SEFA
Title: NOTE 1 - GENERAL
Accounting Policies: The accompanying SEFA is presented using the accrual basis of accounting which is described in the notes to the Foundation’s financial statements. 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: N/A
The accompanying schedule of expenditures of federal awards (“SEFA”) includes the federal grant
activity of The Greater Los Angeles Veterans Research and Education Foundation (the
“Foundation”) under programs of the federal government for the year ended September 30, 2024.
The information in the SEFA is presented in accordance with the standards applicable to financial
audits contained in Government Auditing Standards issued by the Comptroller General of the
United States of America, and the audit 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 SEFA presents only a selected portion of the
operations of the Foundation, it is not intended to and does not present the financial position,
changes in net assets or cash flows of the Foundation. Federal awards received directly from
federal agencies as well as federal awards passed through universities and other agencies are
included in the schedule. Pass-through entity identifying numbers are presented where available.
Title: NOTE 2 - BASIS OF ACCOUNTING
Accounting Policies: The accompanying SEFA is presented using the accrual basis of accounting which is described in the notes to the Foundation’s financial statements. 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: N/A
The accompanying SEFA is presented using the accrual basis of accounting which is described in
the notes to the Foundation’s financial statements. 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.
Title: NOTE 3 - RELATIONSHIP TO FEDERAL AWARDS REPORTS
Accounting Policies: The accompanying SEFA is presented using the accrual basis of accounting which is described in the notes to the Foundation’s financial statements. 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: N/A
Amounts reported in the accompanying SEFA agree with the amounts reported in the related
federal financial reports for the major federal program.
Title: NOTE 4 - INDIRECT COSTS
Accounting Policies: The accompanying SEFA is presented using the accrual basis of accounting which is described in the notes to the Foundation’s financial statements. 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: N/A
The SEFA includes both direct and indirect costs expended for all grants. The Organization did
not use the 10% de minimis indirect cost rate as allowed per section 414 of the Uniform Guidance.
The indirect costs expensed under federal awards are based on an annual rate which is negotiated
with and approved by the Cost Allocation Services at the U.S. Department of Health and Human
Services.