Notes to SEFA
Accounting Policies: Note 1 Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of The AsiaFoundation (the Foundation) under programs of the federal government for the year ended September 30, 2022. Theinformation in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal RegulationsPart 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the Schedule presents only a selected portion of the operations of the Foundation, it is not intended toand does not present the financial position, changes in net assets, or cash flows of the Foundation.Note 2 Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognizedfollowing the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable orare limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in thenormal course of operations to amounts reported as expenditures in prior years. The amounts reported on the Schedulereflect the actual indirect costs as calculated on the Schedule of Direct and Indirect Costs and Computation of Indirect CostRate. However, costs were recovered during the year based on the approved provisional indirect cost rate in effect for theyear ended September 30, 2022.Expenses incurred under federal programs are subject to audit by the awarding agencies. If, as a result of such an audit,certain expenses incurred are determined to be nonreimbursable, the Foundation may be liable for repayment ofdisallowed expenses previously claimed or received.Passthrough entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.