Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on this schedule are presented using the accrual basis of accounting as described in Note 1 to the Corporation’s basic financial statements except for subrecipient expenditures, which are recorded on the accrual basis. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Corporation and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on this schedule are presented using the accrual basis of accounting as described in Note 1 to the Corporation’s basic financial statements except for subrecipient expenditures, which are recorded on the accrual basis. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10% de minimis cost rate.
Expenditures reported on this schedule are presented using the accrual basis of accounting as described in Note 1 to the Corporation’s basic financial statements except for subrecipient expenditures, which are recorded on the accrual basis. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or are limited as to reimbursement.
The Corporation has not elected to use the 10% de minimis cost rate.
Title: Note 3 - Subrecipients
Accounting Policies: Expenditures reported on this schedule are presented using the accrual basis of accounting as described in Note 1 to the Corporation’s basic financial statements except for subrecipient expenditures, which are recorded on the accrual basis. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10% de minimis cost rate.
The Corporation provides grant funds through various subrecipients in the State of Hawaii. Federal financial assistance provided to a subrecipient is treated as an expenditure when it is paid to the subrecipient. The Corporation has certain compliance responsibilities with respect to its subrecipients, including monitoring the subrecipients to help ensure they use the sub‐awards as authorized by law, regulations, and the provisions of the grant agreements.