Notes to SEFA
Title: Note 1. Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: 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.
For fixed-price awards, expenditures are reported using one of two methods, depending on the
terms and structure of the award:
For fixed-price awards with defined milestones, amounts are reported based on milestones
completed in accordance with the terms of the award agreements.
For fixed-price awards without clearly defined milestones, expenditures are reported based
on actual expenses incurred.
Negative amounts shown on the Schedule represent adjustments or credits made in the normal
course of business to amounts reported as expenditures in prior years. NFHA has elected not to
use the de minimis indirect cost rate as allowed under Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the
Federal award activity of NFHA 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).
The Schedule presents only a selected portion of the operations of NFHA; accordingly, it is not
intended to and does not present the financial position, changes in net assets or cash flows of
NFHA.
Title: Note 2. Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: 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.
For fixed-price awards, expenditures are reported using one of two methods, depending on the
terms and structure of the award:
For fixed-price awards with defined milestones, amounts are reported based on milestones
completed in accordance with the terms of the award agreements.
For fixed-price awards without clearly defined milestones, expenditures are reported based
on actual expenses incurred.
Negative amounts shown on the Schedule represent adjustments or credits made in the normal
course of business to amounts reported as expenditures in prior years. NFHA has elected not to
use the de minimis indirect cost rate as allowed under Uniform Guidance.
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.
For fixed-price awards, expenditures are reported using one of two methods, depending on the
terms and structure of the award:
For fixed-price awards with defined milestones, amounts are reported based on milestones
completed in accordance with the terms of the award agreements.
For fixed-price awards without clearly defined milestones, expenditures are reported based
on actual expenses incurred.
Negative amounts shown on the Schedule represent adjustments or credits made in the normal
course of business to amounts reported as expenditures in prior years. NFHA has elected not to
use the de minimis indirect cost rate as allowed under Uniform Guidance.