Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 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: Y
Rate Explanation: Northwest Minnesota Foundation has elected to use the 10% de minimus indirect cost rate as allowed
under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal
award and activity of Northwest Minnesota Foundation under programs of the federal government
for the year ended June 30, 2023. The information in this Schedule is presented in accordance with
the requirement 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 Northwest Minnesota
Foundation, it is not intended to and does not present the financial position, changes in net assets, or
cash flows of Northwest Minnesota Foundation.
Title: Summary of Significant Accounting Policies
Accounting Policies: 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: Y
Rate Explanation: Northwest Minnesota Foundation has elected to use the 10% de minimus indirect cost rate as allowed
under the Uniform Guidance.
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.
Title: De Minimis Indirect Cost Rate
Accounting Policies: 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: Y
Rate Explanation: Northwest Minnesota Foundation has elected to use the 10% de minimus indirect cost rate as allowed
under the Uniform Guidance.
Northwest Minnesota Foundation has elected to use the 10% de minimus indirect cost rate as allowed
under the Uniform Guidance.
Title: Awards Passed-Through To
Accounting Policies: 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: Y
Rate Explanation: Northwest Minnesota Foundation has elected to use the 10% de minimus indirect cost rate as allowed
under the Uniform Guidance.
Northwest Minnesota Foundation did not pass-through any awards to subrecipients.
Title: Balance of Loan Programs Outstanding
Accounting Policies: 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: Y
Rate Explanation: Northwest Minnesota Foundation has elected to use the 10% de minimus indirect cost rate as allowed
under the Uniform Guidance.
The balance of loan programs outstanding as of June 30, 2023 was as follows: