Notes to SEFA
Title: Basis of Accounting
Accounting Policies: Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs administered by the Foundation, an entity as defined in Note 1 to the Foundation's basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other government agencies, are included on the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent they are included in the Federal financial reports used as the source for the data presented. The Foundation has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program. The information 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of the financial statements.
Title: Matching Costs
Accounting Policies: Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs administered by the Foundation, an entity as defined in Note 1 to the Foundation's basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other government agencies, are included on the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent they are included in the Federal financial reports used as the source for the data presented. The Foundation has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
Matching costs, such as the Foundation's share of certain program costs, are not included in the reported expenditures.
Title: Prior Year Expenditures
Accounting Policies: Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs administered by the Foundation, an entity as defined in Note 1 to the Foundation's basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other government agencies, are included on the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent they are included in the Federal financial reports used as the source for the data presented. The Foundation has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
During the year ended December 31, 2024, the Foundation recorded expenditures of $1,034,027 under the Foreign Assistance to American Schools and Hospitals Abroad, ASHA Grant, (ALN# 98.006), of this amount $94,028 represented expenditures incurred in the prior year as presented in the financial statements.