Notes to SEFA
Title: Additional Information
Accounting Policies: Expenditures reported on 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. The Association has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the 10-percent de minimis indirect cost rate
The Association did not expend any Federal awards in the form of non-cash assistance. The Association had no Federal insurance in effect during the year, and no loans or loan guarantees were outstanding at year end. During the year ended June 30, 2023, the Association did not pass through federal funds to subrecipients.