Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Both
Rate Explanation: The Organization has predetermined indirect cost rates at 8-10% for grant agreements. The rates are predetermined rates for the fiscal year ended June 30, 2024. The indirect cost rate is based upon the grant budget approved by the grantor and is subject to change.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant activity of the Organization under programs of the federal government for the year ended June 30, 2024. 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). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: AFFILIATED ORGANIZATION
Accounting Policies: Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Both
Rate Explanation: The Organization has predetermined indirect cost rates at 8-10% for grant agreements. The rates are predetermined rates for the fiscal year ended June 30, 2024. The indirect cost rate is based upon the grant budget approved by the grantor and is subject to change.
The Organization is affiliated with New Hampshire College & University Council (the “Council”). Both entities have interrelated directors and staff, and share office space and equipment. During the fiscal year ended June 30, 2024, the Organization awarded the Council subgrants totaling $167,574.