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: Y
Rate Explanation: Such expenditures are recognized following 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 on the Schedule represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years. Upwardly Global has elected to use the de minimis indirect cost rate as allowed under the
Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal award activity of Upwardly Global
under programs of the Federal Government for the year ended December 31, 2024. Information in the Schedule 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). The Schedule presents only a selected portion of the
operations of Upwardly Global; accordingly, it is not intended to and does not present the financial position, changes in net assets or cash
flows of Upwardly Global.
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: Y
Rate Explanation: Such expenditures are recognized following 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 on the Schedule represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years. Upwardly Global has elected to use the de minimis indirect cost rate as allowed under the
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 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 on the Schedule represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years. Upwardly Global has elected to use the de minimis indirect cost rate as allowed under the
Uniform Guidance.
Title: Note 3. Reconciliation of Government Grants
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: Such expenditures are recognized following 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 on the Schedule represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years. Upwardly Global has elected to use the de minimis indirect cost rate as allowed under the
Uniform Guidance.
A reconciliation of Government grants for the year ended December 31, 2024 is below:
Federal grant revenue $ 1,065,255
Non-Federal grant revenue 795,218
TOTAL GOVERNMENT GRANTS PER STATEMENT OF ACTIVITIES AND
CHANGE IN NET ASSETS $ 1,860,473