Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: See Notes to SEFA
De Minimis Rate Used: N
Rate Explanation: The Foundation did not elect to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
The accompanying Schedule of Expenditures of Federal and State Awards (SEFSA) includes the grant
activity of the Foundation under the programs of the federal government and the State of North
Carolina for the year ended June 30, 2023. The information in this SEFSA is presented in accordance
with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the
State Single Audit Implementation Act. Because the Schedule presents only a selected portion of the
operations of the Foundation, it is not intended to and does not present the
financial position, changes in net position or cash flows of the Foundation.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: See Notes to SEFA
De Minimis Rate Used: N
Rate Explanation: The Foundation did not elect to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
Expenditures reported in the SEFSA are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in Uniform Guidance and the
State Single Audit Implementation Act, wherein certain expenditures are not allowable or
are limited as to reimbursement.
Title: Note 3 - Contingency
Accounting Policies: See Notes to SEFA
De Minimis Rate Used: N
Rate Explanation: The Foundation did not elect to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
The grant revenue amounts received are subject to audit and adjustment. If any expenditures or
expenses are disallowed by the grantor agencies as a result of such an audit, any claim for
reimbursement to the grantor agencies would become a liability of the Foundation. In the opinion of
management, all grant expenditures are in compliance with the terms of the grant agreements
and applicable Federal and state laws and other applicable regulations.
Title: Note 4 - Indirect Cost Rate
Accounting Policies: See Notes to SEFA
De Minimis Rate Used: N
Rate Explanation: The Foundation did not elect to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
The Foundation did not elect to use the de minimis indirect cost rate allowed under the
Uniform Guidance.