Notes to SEFA
The Foundation's basis of presentation is fully described in Note 1 to the financial statements.
The Foundation has elected to use the 10-percent de minimis cost rate allowed under the Uniform Guidance.
The Foundation passes certain federal awards received from the Minority Business Development Agency to other governments or not-for-profit agencies (subrecipients). The Foundation reports expenditures of Federal awards to subrecipients when paid in cash.
Certain Federal programs require the Foundation to contribute non-Federal funds (matching funds) to support the Federally funded programs. The Foundation has met its matching requirements. The Schedule does not include the expenditure of non-Federal matching funds.