Notes to SEFA
Title: RELATIONSHIP TO FINANCIAL REPORTS SUBMITTED TO GRANTOR AGENCIES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the expenditures of all federal award programs of Gift of Life Foundation for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost of Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the Foundations financial statements. Expenditures reported on the Schedule are reported on the modifiedcash basis of accounting. Such expenditures are recognized following the cost principles as found in the Uniform Guidance for federal awards.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reflected in the financial reports filed with grantor agencies for the programs and the supplementary schedules may not agree because of accruals not included in the reports filed with the agencies, matching requirements not included in the Schedule of Expenditures of Federal Awards, and different program year ends.
Title: FEDERALLY FUNDED INSURANCE AND FEDERALLY FUNDED LOANS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the expenditures of all federal award programs of Gift of Life Foundation for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost of Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the Foundations financial statements. Expenditures reported on the Schedule are reported on the modifiedcash basis of accounting. Such expenditures are recognized following the cost principles as found in the Uniform Guidance for federal awards.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Foundation had no federally funded insurance and no federally funded loans or loan guarantees for the fiscal year ended June 30, 2022.
Title: NONCASH AWARDS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the expenditures of all federal award programs of Gift of Life Foundation for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost of Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the Foundations financial statements. Expenditures reported on the Schedule are reported on the modifiedcash basis of accounting. Such expenditures are recognized following the cost principles as found in the Uniform Guidance for federal awards.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended June 30, 2022, the Foundation did not receive any noncash assistance.