Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: Expenditures 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 annually negotiates and receives approval on an indirect cost rate plan for all federal funds. The Foundation did not elect to use the 10 percent de minimis indirect cost rate.
The schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Niswonger Foundation, Inc. under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements 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 Niswonger Foundation, Inc., it is not intended to, and does not present, the financial position, changes in net assets or cash flows of Niswonger Foundation, Inc.
Title: Note C - Loans Outstanding
Accounting Policies: Expenditures 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 annually negotiates and receives approval on an indirect cost rate plan for all federal funds. The Foundation did not elect to use the 10 percent de minimis indirect cost rate.
The Foundation had the following loan balances outstanding at June 30, 2023 for loans that the grantor has still imposed continuing compliance requirements. Loans outstanding at the beginning of the year were $661,652 and there were no loans made during the year. The balance of loans outstanding at June 30, 2023 is $601,935. See Note 8 for further information on this loan.