Notes to SEFA
Accounting Policies: MEASUREMENT FOCUS, BASIS OF ACCOUNTING AND FINANCIAL STATEMENT PRESENTATION-The basic financial statements include both government-wide and fund financial statements. The government-wide financial statements (i.e., the Statement of Net Position and the Statement of Activities) report information on all of the Foundation's activities. The government-wide financial statements are reported using the economic flow of resources measurement focus and the full accrual basis. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Foundation services are supported primarily by IOLTA remittances, as well as grants, contributions, federal awards, administration fees, and investment income. The governmental fund financial statements provide reports on the financial condition and results of operations for governmental funds. The fund financial statements are accounted for on a spending or current financial resources measurement focus and the modified accrual basis of accounting. This basis of accounting recognizes revenues in the accounting period in which they become available and measurable, and expenditures in the accounting period in which the fund liability is incurred as, if measurable. Under the modified accrual basis only current assets and current liabilities are included in the balance sheet. The Foundation considers all revenues available if they are collectible within 60 days after year-end. The accounts of the Foundation are organized in separate funds and account groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts. They are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with specific regulations, restrictions, or limitations and aiding financial management. The following governmental fund types and account groups are maintained by the Foundation: General Fund-The General Fund is used to account for all financial resources except those required to be accounted for in another fund. This fund is used to account for general operating and program expenses of the Foundation. Permanent Fund- The Permanent Fund is used to account for nonspendable endowment funds principal.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.