Notes to SEFA
Title: Federally Sponsored Endowment Funds
Accounting Policies: 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. The Promotion of Humanities Challenge Grants are funds maintained in perpetuity with the investment funds of Colonial Williamsburg's endowment and are included in net assets with donor restrictions on the consolidated statement of financial position.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Colonial Williamsburg has two federally sponsored endowment funds, which are included in the Schedule. The balance of these endowment funds is summarized below: [Refer to pdf.65 for table]