Notes to SEFA
Title: LOW-RISK AUDITEE STATUS
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Organization under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of 2 CFR 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.
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Organization has a negotiated indirect cost rate of 13.75%.
The Organization has not been designated as a low-risk auditee for the year ended
June 30, 2023, due to the circumstance whereby its single audit reporting package for the
year ended June 30, 2021, was submitted to the Federal Audit Clearinghouse within 45
calendar days after the release of its final audit reports rather than within the required 30
calendar day window. The delay in submission was caused by issues with the recognition
of information utilized to upload the Data Collection form to the Single Audit Internet Data
Entry System (IDES). This was not resolved prior to the 30-calendar day window. The
Organization has previously been designated as a low-risk auditee for five+ years.