Notes to SEFA
Title: Note 2 - Other Disclosures
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Clove Alliance and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: Clove Alliance has elected to use the 10% de-minimis indirect cost rate allowed under the Uniform Guidance
Loans/loan guarantees at June 30, 2023: $0