Notes to SEFA
Title: Note (1) - Basis of Presentation
Accounting Policies: Basis of presentation, basis of accounting, indirect cost rate
De Minimis Rate Used: Y
Rate Explanation: De minimum rate elected.
The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations 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 Memphis Leadership Foundation, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Foundation.
Title: Note (2) - Basis of Accounting
Accounting Policies: Basis of presentation, basis of accounting, indirect cost rate
De Minimis Rate Used: Y
Rate Explanation: De minimum rate elected.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note (3) - Indirect Cost Rate
Accounting Policies: Basis of presentation, basis of accounting, indirect cost rate
De Minimis Rate Used: Y
Rate Explanation: De minimum rate elected.
The Project has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. This rate was used on the Victims of Crime Act grant.