Notes to SEFA
Title: 3 NON-CASH ASSISTANCE, FEDERAL INSURANCE, LOANS, AND LOAN GUARANTEES:
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of Future Earth under programs of the federal government for the year ending March 31, 2023. The information in the schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures in 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: Y
Rate Explanation: Future Earth has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Future Earth did not receive any federal non-cash assistance, insurance, loans, or loan guarantees.
Title: 5 PROGRAM INCOME
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of Future Earth under programs of the federal government for the year ending March 31, 2023. The information in the schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures in 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: Y
Rate Explanation: Future Earth has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Federal expenditures reported in the schedule include $97,261 of program income generated through activities supported by the Federal award. This amount was used to reduce draws made on the grant agreement.