Notes to SEFA
Title: Note 1 – Basis of Presentation
Accounting Policies: Note 2 – Summary of Significant Accounting Policies: Expenditures reported on the Schedule are presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Foundation elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Foundation elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Bristol Bay Foundation (the 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 the Foundation, it is not intended to, and does not present the financial position, changes in net assets, or cash flows of the Foundation.