Notes to SEFA
Title: Note 3 - Relationship to Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Virginia Foundation for the Humanities and Public Policy under programs of the federal government for the year ended June 30, 2022. 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 Virginia Foundation for the Humanities and Public Policy, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Virginia Foundation for the Humanities and Public Policy. 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal expenditures, revenues, and capital contributions are reported in the Foundation's basic financial statements as follows: See the Notes to the SEFA for table