Notes to SEFA
Title: Matching Costs
Accounting Policies: The schedule of expenditures of federal awards is presented on the accrual basis of accounting and the amounts presented are derived from the Corporation’s general ledger. For programs with funding ceilings and caps, federal expenditures are only recorded and presented in the schedule of expenditures of federal awards up to such amounts.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent that such costs are included in the Federal financial reports used as the source for the data presented. The de minimis election allows the Organization to allocate 10% of indirect costs to grants with periods ending on or before September 30, 2024 and 15% of indirect costs to grants with periods after September 30, 2024. The Organization does not use the de minimis election.
Matching costs, i.e., the Corporation’s share of certain program costs, are not included in the schedule of expenditures of federal awards.
Title: Subrecipients
Accounting Policies: The schedule of expenditures of federal awards is presented on the accrual basis of accounting and the amounts presented are derived from the Corporation’s general ledger. For programs with funding ceilings and caps, federal expenditures are only recorded and presented in the schedule of expenditures of federal awards up to such amounts.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent that such costs are included in the Federal financial reports used as the source for the data presented. The de minimis election allows the Organization to allocate 10% of indirect costs to grants with periods ending on or before September 30, 2024 and 15% of indirect costs to grants with periods after September 30, 2024. The Organization does not use the de minimis election.
The Corporation did not provide any funding to subrecipients during the year ended February 28, 2025.