Audit 356993

Title: NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: Basis of presentation – The schedule of expenditures of federal awards is prepared on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U. S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal expenditures include allowable costs funded by federal grants. Allowable costs are subject to the cost principles of the Uniform Guidance and include costs that are recognized as expenses in the Foundation’s financial statements in conformity with generally accepted accounting principles. Indirect costs are reported utilizing the Foundation’s approved indirect cost rates; therefore, the Foundation does not use the 10% de minimis rate. The Foundation does not have any subrecipients. 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. De Minimis Rate Used: N Rate Explanation: Indirect costs are reported utilizing the Auditee's approved indirect cost rates. Basis of presentation – The schedule of expenditures of federal awards is prepared on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U. S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal expenditures include allowable costs funded by federal grants. Allowable costs are subject to the cost principles of the Uniform Guidance and include costs that are recognized as expenses in the Foundation’s financial statements in conformity with generally accepted accounting principles. Indirect costs are reported utilizing the Foundation’s approved indirect cost rates; therefore, the Foundation does not use the 10% de minimis rate. The Foundation does not have any subrecipients. 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.