Title: Note 1 – Basis of Presentation
Accounting Policies: The accompanying consolidated schedule of expenditures of federal awards (SEFA) Includes the federal grant activity of the Organization and 1s 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 (the Uniform Guidance, UG), Therefore, some amounts presented in the SEFA may differ from amounts presented in, or used in the preparation of, the basic financial statements. The Organization obtains negotiated indirect cost rates for its federal grants and did not elect to use the 10% de minims indirect cost rate.
De Minimis Rate Used: Y
Rate Explanation: 10% de minimis indirect cost rate
The accompanying consolidated schedule of expenditures of federal awards (SEFA) Includes the federal grant activity of the Organization and 1s 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 (the Uniform Guidance, UG), Therefore, some amounts presented in the SEFA may differ from amounts presented in, or used in the preparation of, the basic financial statements. The Organization obtains negotiated indirect cost rates for its federal grants and did not elect to use the 10% de minims indirect cost rate.
Title: Note 2 – Loans Outstanding
Accounting Policies: The accompanying consolidated schedule of expenditures of federal awards (SEFA) Includes the federal grant activity of the Organization and 1s 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 (the Uniform Guidance, UG), Therefore, some amounts presented in the SEFA may differ from amounts presented in, or used in the preparation of, the basic financial statements. The Organization obtains negotiated indirect cost rates for its federal grants and did not elect to use the 10% de minims indirect cost rate.
De Minimis Rate Used: Y
Rate Explanation: 10% de minimis indirect cost rate
The proceeds of loans that were received and expended in prior years are not considered federal awards expended when the laws, regulations, and the provisions of contracts or grant agreements pertaining to such loans impose no continuing compliance requirements other than to repay the loans and have been excluded from the SEFA.
Title: Note 3 – General
Accounting Policies: The accompanying consolidated schedule of expenditures of federal awards (SEFA) Includes the federal grant activity of the Organization and 1s 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 (the Uniform Guidance, UG), Therefore, some amounts presented in the SEFA may differ from amounts presented in, or used in the preparation of, the basic financial statements. The Organization obtains negotiated indirect cost rates for its federal grants and did not elect to use the 10% de minims indirect cost rate.
De Minimis Rate Used: Y
Rate Explanation: 10% de minimis indirect cost rate
The grant revenue amounts received and expensed are subject to audit and adjustment. If any expenditures are disallowed by the grantor as a result of such an audit, any claim for reimbursement to the grantor would become a liability of the Organization. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal laws and regulations.