Notes to SEFA
Accounting Policies: Note 1 Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Legacy International under programs of the federal government for the year ended September 30, 2022. Federal awards received directly from federal agencies, as well as federal awards passed through from nonfederal agencies or other organizations are included in the Schedule. 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 Legacy International, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Legacy International. Legacy International recognizes federal awards and pass-through assistance as revenue when allowable expenses have been incurred and periodically submits a request for reimbursement to the appropriate federal agency for the amount of expenses incurred for the request period.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Legacy International did not elect to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance. The organization enters into negotiated indirect cost rate agreement with the federal grantor.