Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of The Carver Foundation of Norwalk, Inc., under programs of the federal government for the fiscal year ended June 30, 2022. The information in this schedule is presented in accordance with the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of The Carver Foundation of Norwalk, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.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.