Notes to SEFA
Title: Note C
Accounting Policies: The accompanying schedule of expenditures of federal and city awards (the Schedule) presents all federal and city awards required to be reported, by funding agency, received by The Pennsylvania Horticultural Society for the year ended June 30, 2023. The information in this schedule is presented in accordance with the requirements of the Title 2 US Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). All awards recevied directly from federal agencies, as well as federal awards passed through other governmental agencies or not for profit organizations, are included. Such pass-through awards recevied from the CIty of Philadlephia are subject to the City of Philadelphia Subrecipient Audit Guide. As of June 30, 2023, ther are no amounts passed through to subrecipients from the Society. Becasue the Schedule presents only a selected potion of the operations of The Pennsylvania Horticultural Society, it is not intended to and does not present the financial position, changes in net assets or cash flows of The Pennsylvania Horticultural Society.
De Minimis Rate Used: N
Rate Explanation: The accompanying schedule is presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and other allowable cost standards, wherein certain types of expenditures and not allowable or are limited as to reimbursement. The Pennsylvania Horticultural Society has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Federal and City expednitures are reported in the conslidated statement of activities as expenses. The expenditures reported in the consolidated financial statements differ from the expenditures reproted in the Schedule because not all expenditures are required to be reported in the Schedule.