Notes to SEFA
Title: Expenditures incurred in prior years
Accounting Policies: The Schedule is prepared from the Foundations accounting records and is not intended to present its financial position or the results of its operations. The financial transactions are recorded by the Foundation in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America. 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 Foundation has federally negotiated indirect cost agreements applicable to various programs with approved rates ranging from 8% to 56.8%.
Disaster assistance grants provide funding for the restoration of damaged facilities from presidentially declared disasters based on the approval of claims from the federal agency. The Schedule includes approximately $374,000 from federal program Disaster Grant- Public Assistance (Presidentially Declared Disasters) (FALN 97.036) of expenditures that were incurred in prior years as a result of hurricane Maria and that were approved by the federal agency during fiscal year 2022.