Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activities of Genesis Fund under the programs of the federal government for the year ended March 31, 2025. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements of Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Genesis, it is not intended to and does not present the financial position, changes in net assets or cash flows of Genesis Fund.
De Minimis Rate Used: N
Rate Explanation: no indirect cost charged to the grants
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
grant activities of The Genesis Fund under the programs of the federal government for the year
ended March 31, 2025. The information in this schedule is presented in accordance with the
requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles and Audit Requirements of Federal Awards (Uniform Guidance). Because
the schedule presents only a selected portion of the operations of The Genesis Fund, it is not
intended to and does not present the financial
position, changes in net assets or cash flows of The Genesis Fund.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activities of Genesis Fund under the programs of the federal government for the year ended March 31, 2025. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements of Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Genesis, it is not intended to and does not present the financial position, changes in net assets or cash flows of Genesis Fund.
De Minimis Rate Used: N
Rate Explanation: no indirect cost charged to the grants
Expenditures 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. Pass-through entity identifying numbers
are presented where available.
Title: Note 3 - Subrecipient Agreements
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activities of Genesis Fund under the programs of the federal government for the year ended March 31, 2025. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements of Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Genesis, it is not intended to and does not present the financial position, changes in net assets or cash flows of Genesis Fund.
De Minimis Rate Used: N
Rate Explanation: no indirect cost charged to the grants
The organization does not provide grants to subrecipients
Title: Note 4 - Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activities of Genesis Fund under the programs of the federal government for the year ended March 31, 2025. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements of Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Genesis, it is not intended to and does not present the financial position, changes in net assets or cash flows of Genesis Fund.
De Minimis Rate Used: N
Rate Explanation: no indirect cost charged to the grants
The Genesis Fund has not elected to use the 10% de minimis indirect cost rate as allowed under the
Uniform Guidance.