Notes to SEFA
Title: Basis of Presentation
Accounting Policies: See Additional Notes tab for significant policies used in preparing the SEFA
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The accompanying Schedule of Expenditures of Federal Awards (“the Schedule”) includes the federal grant activity of SEEDS (the "Organization") 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 the Organization, it is not intended to, and does not, present the financial position, changes in net position, or cash flows of the Organization.
Title: Summary of Significant Accounting Policies
Accounting Policies: See Additional Notes tab for significant policies used in preparing the SEFA
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures reported on the schedule are recognized following the cost principles contained in Subpart E of the Uniform Guidance or OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization does not pass through federal funds to sub recipients. For purposes of charging indirect costs to federal awards, the Organization has not elected to use the 10% de minimis cost rate on federal awards.
Title: Reconciliation of Revenues With Expenditures for Federal Financial Assistance
Accounting Policies: See Additional Notes tab for significant policies used in preparing the SEFA
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
Federal Grants - Statement of Activities $1,895,204
Title: Reconciliation of Revenues With Expenditures for Federal Financial Assistance
Accounting Policies: See Additional Notes tab for significant policies used in preparing the SEFA
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
Federal Expenditures per Schedule of Expenditures of Federal Awards $1,895,204