Notes to SEFA
Title: Expenditures and Revenue Recognition
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the expenditures of the Organization under programs of the federal government for the year ended October 31, 2022. The Schedule is prepared on the accrual basis of accounting. Since the Schedule presents only a selected portion of the operations of the Organization, it is not intended to, and does not, present the financial position or changes in net assets of the Organization.For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the Organization and agencies and departments of the federal government pursuant to federal grants, contracts, and similar agreements. Complete Assistance Listing numbers are provided on the Schedule when available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Schedule presents the expenditures of individual programs 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 and, accordingly, are not reflected as expenditure in the Schedule. All program outlays, including accrued expenditures and capital outlays, are reported as expenditures. Related revenues (which are not presented herein) are recognized up to award amounts for financial statement and program reporting. Award reporting periods do not necessarily coincide with the fiscal reporting period of the Organization. Negative amounts, if any, presented in the Schedule represent adjustments or credits made, in the normal course of business, to expenditures reported in prior years.The Organization did not have any federal loan programs during the year ended October 31, 2022.