Notes to SEFA
Title: Basis of Presentation and Use of Estimates
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The Open Technology Fund has elected not to use the ten percent de minimis indirect cost rate allowed by the Uniform Guidance
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of The Open Technology Fund under programs of the federal government for the year ended September 30, 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 The Open Technology Fund, it is not intended to and does not present the financial position, changes in net assets or cash flows of The Open Technology Fund.
Title: Government Audits
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The Open Technology Fund has elected not to use the ten percent de minimis indirect cost rate allowed by the Uniform Guidance
The allowability of certain costs under government grants is subject to audit by the awarding agency. Certain costs charged to grants are subject to revisions based on government audits of those costs. Management believes that grant costs are consistent with applicable government cost principles, and that costs subsequently disallowed, if any, upon audit by the government would not be material