Notes to SEFA
Title: Note 1 – Purpose of Schedule
Accounting Policies: The organization uses the accrual basis of accounting in preparing the SEFA.
De Minimis Rate Used: N
Rate Explanation: The organization did not use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) is a supplementary schedule to the Great Peninsula Conservancy’s (the Organization’s) financial statements and is presented for purposes of additional analysis. Because the Schedule presents only a selected portion of the activities of the Organization, it does not present the financial position, changes in financial position, or the revenues and expenditures of the Organization.
Title: Note 2 – Reporting Entity
Accounting Policies: The organization uses the accrual basis of accounting in preparing the SEFA.
De Minimis Rate Used: N
Rate Explanation: The organization did not use the 10% de minimis cost rate.
The reporting entity is described in Note 1 to the Organization’s financial statements. The Schedule includes all federal programs administered by the Organization for the year ended December 31, 2024.
Title: Note 3 – Basis of Accounting
Accounting Policies: The organization uses the accrual basis of accounting in preparing the SEFA.
De Minimis Rate Used: N
Rate Explanation: The organization did not use the 10% de minimis cost rate.
This schedule is prepared on the same basis of accounting as the Organization’s financial statements. The Organization uses the accrual basis of accounting for financial reporting purposes.
Title: Note 4 – De-Minimis Cost Rate
Accounting Policies: The organization uses the accrual basis of accounting in preparing the SEFA.
De Minimis Rate Used: N
Rate Explanation: The organization did not use the 10% de minimis cost rate.
The Organization did not use the 10% de-minimis cost rate.
Title: Note 5 – Basis of Presentation
Accounting Policies: The organization uses the accrual basis of accounting in preparing the SEFA.
De Minimis Rate Used: N
Rate Explanation: The organization did not use the 10% de minimis cost rate.
The information in the Schedule is presented in accordance with Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards 2 CFR 200 (Uniform Guidance).