Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: The Schedule has been prepared on the accrual basis of accounting, which is the method of accounting used for the financial statements. Such expenditures are recognized following Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Humanities Montana has not elected to use the 10 percent de minimis indirect cost rate method allowed under Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes federal award activity of Humanities Montana under programs of the federal government for the year ended October 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 Humanities Montana, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Humanities Montana.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
Accounting Policies: The Schedule has been prepared on the accrual basis of accounting, which is the method of accounting used for the financial statements. Such expenditures are recognized following Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Humanities Montana has not elected to use the 10 percent de minimis indirect cost rate method allowed under Uniform Guidance.
The Schedule has been prepared on the accrual basis of accounting, which is the method of accounting used for the financial statements. Such expenditures are recognized following Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: INDIRECT COST RATE
Accounting Policies: The Schedule has been prepared on the accrual basis of accounting, which is the method of accounting used for the financial statements. Such expenditures are recognized following Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Humanities Montana has not elected to use the 10 percent de minimis indirect cost rate method allowed under Uniform Guidance.
Humanities Montana has not elected to use the 10 percent de minimis indirect cost rate method allowed under Uniform Guidance.
Title: RE-GRANTS
Accounting Policies: The Schedule has been prepared on the accrual basis of accounting, which is the method of accounting used for the financial statements. Such expenditures are recognized following Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Humanities Montana has not elected to use the 10 percent de minimis indirect cost rate method allowed under Uniform Guidance.
Humanities Montana provided re-grant awards to subrecipients based on the program guidelines. The total amount provided to subrecipients was $194,728 for the year ended October 31, 2024.