Notes to SEFA
Accounting Policies: NOTE1 BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes thefederal grant(s) activity of Maravilla Foundation (the Organization) under programs of the federalgovernment for the year ended December 31, 2022.The information on this schedule is presentedin accordance with the requirements of Title 2 U.S.Code of Federal Regulations (CFR) Part 200,UniformAdministrative Requirement, Cost Principles, an Audit Requirement for Federal Awards (UniformGuidance). Because the Schedule presents only a selected portion of the operations of theOrganization, it is not intended to and does not present the financial position, changes in net assets,or cash flows of the Organization.NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following, as applicable, the costs principles contained In theUniform Guidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement. Maravilla Foundation has elected not to use the 10% de minimus indirect costsrate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.