Notes to SEFA
Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: NONE
De Minimis Rate Used: Both
Rate Explanation: Community Foundation of Snohomish County does not have a negotiated indirect cost rate for use on federal grants and contracts. As such, Community Foundation of Snohomish County is eligible to elect use of the 10% de minimus indirect cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Community Foundation of Snohomish County and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the Requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.