Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: The Trusts accounting policies conform with U.S. generally accepted accounting principles applicable to governmental units as set forth by the Governmental Accounting Standards Board.
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 is presented using the cash 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: SUBRECIPIENT DISBURSEMENTS
Accounting Policies: The Trusts accounting policies conform with U.S. generally accepted accounting principles applicable to governmental units as set forth by the Governmental Accounting Standards Board.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
For the year ended June 30, 2022, the Trust provided $72,191,086 of federal reimbursements to its subrecipients, for expenses incurred by the subrecipients in the fiscal year ended June 30, 2022.