Notes to SEFA
Title: Note 1 – Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule is reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles obtained in OMB Circular A‐21, Cost Principles for Educational Institutions, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts
shown in the Schedule represents adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass‐through entity identifying numbers are presented where available. The Foundation has elected to use the 10‐percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Foundation has elected to use the 10‐percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedules of Expenditures of Federal Awards (the “Schedule”) include the federal grant activity
of Latino Community Foundation of Colorado, Inc. (the “Foundation”) under the programs of the federal government
for the year ended December 31, 2024. The information in the 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 Foundation, it is not intended to, and does not, present the financial position, changes in net position, or cash flows of the Foundation.
Title: Note 2 – Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule is reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles obtained in OMB Circular A‐21, Cost Principles for Educational Institutions, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts
shown in the Schedule represents adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass‐through entity identifying numbers are presented where available. The Foundation has elected to use the 10‐percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Foundation has elected to use the 10‐percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule is reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles obtained in OMB Circular A‐21, Cost Principles for Educational Institutions, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown in the Schedule represents adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass‐through entity identifying numbers are presented where available. The
Foundation has elected to use the 10‐percent de minimis indirect cost rate allowed under the Uniform Guidance.