Notes to SEFA
Title: BASIS OF ACCOUNTING
Accounting Policies: All expenditures included in the schedule of expenditures of federal awards are presented on the basis that expenditures are reported to the respective federal grantor agencies. Accordingly, expenditures are recorded when the federal obligation is determined.
De Minimis Rate Used: N
Rate Explanation: The Foundation has elected not to use the 10% de minimis indirect cost rate.
All expenditures included in the schedule of expenditures of federal awards are presented on the basis that expenditures are reported to the respective federal grantor agencies. Accordingly, expenditures are recorded when the federal obligation is determined.
Title: FEDERAL EXPENDITURES
Accounting Policies: All expenditures included in the schedule of expenditures of federal awards are presented on the basis that expenditures are reported to the respective federal grantor agencies. Accordingly, expenditures are recorded when the federal obligation is determined.
De Minimis Rate Used: N
Rate Explanation: The Foundation has elected not to use the 10% de minimis indirect cost rate.
The schedule of expenditures of federal awards reflects federal expenditures for all individual grants which were active during the fiscal year.
Title: INDIRECT COST RATES
Accounting Policies: All expenditures included in the schedule of expenditures of federal awards are presented on the basis that expenditures are reported to the respective federal grantor agencies. Accordingly, expenditures are recorded when the federal obligation is determined.
De Minimis Rate Used: N
Rate Explanation: The Foundation has elected not to use the 10% de minimis indirect cost rate.
The Foundation has elected not to use the 10% de minimis indirect cost rate.
Title: PRIOR YEAR SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Accounting Policies: All expenditures included in the schedule of expenditures of federal awards are presented on the basis that expenditures are reported to the respective federal grantor agencies. Accordingly, expenditures are recorded when the federal obligation is determined.
De Minimis Rate Used: N
Rate Explanation: The Foundation has elected not to use the 10% de minimis indirect cost rate.
As a result of the information obtained during the year, the Foundation has concluded that the schedule of expenditures of federal awards was misstated in the previous year. The Foundation accrued revenue related to ALN #93.926 was understated by $15,724. In addition, accrued revenue related to ALN #93.870 was understated by $73,058. The accrued (unearned) revenue at July 1, 2021 on the schedule of expenditures of federal awards as previously stated has been increased by those amounts.