Notes to SEFA
Title: Note 2
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting and the Corporation electednot to use the 10% de minimis cost rule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of South Bend HeritageFoundation, Inc. and Subsidiaries and its Subsidiaries and is presented on the accrual basis of accounting. The information in thisschedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented inthis schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: Note 3 - Federal Grant Reconciliation
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting and the Corporation electednot to use the 10% de minimis cost rule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal grants on the Consolidated Statements of Activities $ 2,664,107Prior year grant advances on the Consolidated Statements of Financial Position (138,000)Current year grant advances on the Consolidated Statements of Financial Position 49,233Federal expenditures on Schedule for Expenditures of Federal Awards $ 2,575,340