Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (“the Schedule”) includes the consolidated federal grant activity of the LSU Foundation (“the Foundation”) for the year ended June 30, 2025, and is presented on the accrual basis of accounting. 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 consolidated financial position, changes in net assets, or cash flows of the Foundation. The Foundation’s reporting entity is defined in Note 1 to the consolidated financial statements for the year ended June 30, 2025.
Reconciliation of construction in progress to federal expenditures:
During the year ended June 30, 2025, the LSU Foundation did not elect to use the 10% de minimus cost rate as allowed by §200.414 of the Uniform Guidance.