Notes to SEFA
Accounting Policies: Note 1: Basis Of Presentation - The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of the Fuzehub, Inc. under programs of the federal government for the year ended December 31, 2022. The information in the Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Fuzehub, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Fuzehub, Inc. Note 2: Summary Of Significant Accounting Policies - Expenditures reported 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. Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source of data presented. Note 3: Subrecipients - The Organization passes certain federal awards received from New York State to other entities (subrecipients). As a subrecipient, the Organization has certain compliance responsibilities, such as monitoring its subrecipients to help assure they use the subawards as authorized by laws, regulations, and the provisions of contracts or grant agreements, and that subrecipients achieve the awards performance goals.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.