Notes to SEFA
Title: Note 1 – Basis of Presentation
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. No federal financial assistance has been provided to subrecipients.
De Minimis Rate Used: Y
Rate Explanation: Project Reality has elected to use the 10% de minimis cost rate on certain grants.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of
Project Reality under programs of the federal government 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). Because the Schedule presents only a selected portion of the operations of Project
Reality, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of Project
Reality.
Title: Note 2 – Summary of Significant Accounting Policies
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. No federal financial assistance has been provided to subrecipients.
De Minimis Rate Used: Y
Rate Explanation: Project Reality has elected to use the 10% de minimis cost rate on certain grants.
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.
No federal financial assistance has been provided to subrecipients.
Title: Note 3 – Indirect Cost Rate
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. No federal financial assistance has been provided to subrecipients.
De Minimis Rate Used: Y
Rate Explanation: Project Reality has elected to use the 10% de minimis cost rate on certain grants.
Project Reality has elected to use the 10% de minimis cost rate on certain grants.