Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (“the Schedule”) includes the grant activity
of Bancroft, a New Jersey Nonprofit Corporation (“Bancroft”) and is presented on the accrual basis of
accounting. The information in the Schedule is presented in accordance with the requirements of the Title 2
U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in the
Schedule may differ from amounts presented in, or used in the preparation of, the basic consolidated
financial statements.
De Minimis Rate Used: N
Rate Explanation: Bancroft utilizes a negotiated indirect cost rate and has not elected to use the 10% de minimis cost rate.