Notes to SEFA
Accounting Policies: Note 1. General
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity
of all federal financial assistance programs for the Friends of the Free State Capitol, Inc. (the
Organization). The reporting Organization is defined in Note 1 of the Organization’s basic financial
statements. Federal financial assistance received directly from federal agencies as well as federal
financial assistance passed through other government agencies are included on the Schedule.
Note 2. Basis of Presentation
The accompanying Schedule is presented on a basis which is the same basis of accounting as the
financial statements. 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 Organization, it is not intended to and does
not present the financial position, changes in net assets, or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10% de minimis cost rate.