Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activities of the Organization for the year ended December 31, 2024 and is presented on accrual basis. The information in this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”).
De Minimis Rate Used: Y
Rate Explanation: The auditee has elected to use the 10% de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activities of the Organization for the year ended December 31, 2024 and is presented on accrual basis. The information in this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “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: Summary of Significant Accounting Policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activities of the Organization for the year ended December 31, 2024 and is presented on accrual basis. The information in this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”).
De Minimis Rate Used: Y
Rate Explanation: The auditee has elected to use the 10% de minimis cost rate.
Expenditures reported 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.
Title: Indirect Cost Rates
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activities of the Organization for the year ended December 31, 2024 and is presented on accrual basis. The information in this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”).
De Minimis Rate Used: Y
Rate Explanation: The auditee has elected to use the 10% de minimis cost rate.
During the year ended December 31, 2024, the Organization elected to use the 10 percent de minimis indirect cost rate.