Notes to SEFA
Title: Other Matters
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Foundation under programs of the federal government for the year ended May 31, 2023. The information in the Schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). As 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, activities and changes in net assets, functional expenses, or cash flows of the Foundation.
De Minimis Rate Used: Y
Rate Explanation: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. The Foundation has elected to use the 10% de minimis indirect cost rate to recover indirect costs, as allowed under the Uniform Guidance. There is no indirect costs for AL number 21.027.
Amount of Noncash Assistance: None
Amount of Insurance: None
Amount of Loans: None
Amount of Loan Guarantees: None