Notes to SEFA
Title: GENERAL INFORMATION
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance is presented using the accrual basis of accounting. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal and state funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Foundation has an approved indirect cost rate of 44.4% that was applied to federal awards, unless otherwise limited by the contracting agency.
The accompanying schedule of expenditures of federal awards and state financial assistance presents the activities in all the federal and state financial assistance programs of Kessler Foundation, Inc. for the year ended December 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") and New Jersey Department of the Treasury Circular Letter 15-08-OMB. All financial assistance received directly from federal and state agencies as well as financial assistance passed through other governmental agencies or not-for-profit organizations are included on the
schedule.
Title: RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance is presented using the accrual basis of accounting. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal and state funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Foundation has an approved indirect cost rate of 44.4% that was applied to federal awards, unless otherwise limited by the contracting agency.
Federal and state awards expenditures are reported on the statements of operations and changes in net assets as program services. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the schedule of expenditures of federal awards and state financial assistance due to program expenditures exceeding grant or contract budget limitations or capitalization policies required by accounting principles generally accepted in the United States of America which are not included as federal and state awards.