Notes to SEFA
The schedule of expenditures of federal awards is prepared on the accrual basis of accounting and the Corporation elected not to use the 10% de minimis cost rule.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of South Bend Heritage Foundation, Inc. and Subsidiaries and its Subsidiaries 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Federal Grant Reconciliation Federal grants on the Consolidated Statements of Activities: $1,088,069 Prior year grant advances on the Consolidated Statements of Financial Position: $0 Current year grant advances on the Consolidated Statements of Financial Position: $0 Federal expenditures on Schedule for Expenditures of Federal Awards: $1,088,069