Notes to SEFA
Title: Non-Cash Awards
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Little City Foundation (the Organization) under programs of the federal government 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because 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, changes in net assets, or cash flows of the Organization. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Little City Foundation did not have any outstanding federal loans or loan guarantees or insurance at June 30, 2022 and did not receive any federal non-cash awards during the year ended June 30, 2022.