Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Potts Family Foundation, Inc. (the “Foundation”) under programs of the federal government for the year ended December 31, 2024. The Foundation’s reporting entity is defined in Note 1 to the Foundation’s basic financial statements. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Because the schedule presents only a selected portion of the operations of the Foundation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Foundation. All federal awards passed through other government agencies are included in the Schedule.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Foundation has elected to use the 10 percent de-minimis indirect cost rate as allowed under the Uniform Guidance.