Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The SEFA is prepared on the accrual basis, recognizing federal expenditures when incurred or disbursed. It includes direct funds, identified by Assistance Listing Numbers (ALN). Non-cash assistance is recorded at fair value. KFAM has elected the 10% de minimis indirect cost rate under 2 CFR 200.414(f).
De Minimis Rate Used: Y
Rate Explanation: KFAM has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal and state awards (the “Schedule”) includes the federal grant activity of KFAM under programs of the federal government for the year ended June 30, 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). Thus, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the financial statements. Because the schedule presents only a selected portion of the operations of KFAM, it is not intended to and does not present the financial position, changes in net assets or cash flows of KFAM.
Title: Summary of Significant Accounting Policies
Accounting Policies: The SEFA is prepared on the accrual basis, recognizing federal expenditures when incurred or disbursed. It includes direct funds, identified by Assistance Listing Numbers (ALN). Non-cash assistance is recorded at fair value. KFAM has elected the 10% de minimis indirect cost rate under 2 CFR 200.414(f).
De Minimis Rate Used: Y
Rate Explanation: KFAM has elected to use the 10-percent 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement
Title: Indirect Cost Rate
Accounting Policies: The SEFA is prepared on the accrual basis, recognizing federal expenditures when incurred or disbursed. It includes direct funds, identified by Assistance Listing Numbers (ALN). Non-cash assistance is recorded at fair value. KFAM has elected the 10% de minimis indirect cost rate under 2 CFR 200.414(f).
De Minimis Rate Used: Y
Rate Explanation: KFAM has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
KFAM has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.