Notes to SEFA
The University of Guam Endowment Foundation, Inc. (the Foundation) was founded in July 1988 as a non-profit, public benefit corporation, which operates under a separate Board of Directors from that of the University of Guam (the University). Only the transactions of the Foundation are included within the scope of the Single Audit.
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 December 31, 2024. 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 position or cash flows of the Foundation.
Basis of Accounting Expenditures reported on the Schedule are reported on the accrual basis of accounting, consistent with the manner in which the Foundation maintains its accounting records. All expenses and capital outlays are reported as expenditures. 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. Indirect Cost Allocation The Foundation has elected not to use the 10 percent de minimis indirect cost rate as covered in 2 CFR §200.414 of the Uniform Guidance. The Foundation does not receive any indirect cost allocation and no indirect costs were recorded against any federal program for the year ended December 31, 2024. Loan The Foundation received new loans during the audit period related to the U.S. Department of Agriculture under Assistance Listing No. 10.766 amounting to $5,583,873, which remains outstanding at the end of December 31, 2024