Notes to SEFA
Accounting Policies: 1) Note B – Summary of Significant Accounting Policies - Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditure are not allowable or are limited as to reimbursement. - 2) Pass-Thru entities are named and identifying numbers are presented where available. 3) Non-monetary assistance, such as food commodities are presented in the accompanying schedules of activity at the fair market value of the commodities received and disbursed. During 2022, the Commission received and disbursed food commodities valued at $106,484. 4) The Commission maintains insurance coverage with a blanket umbrella for liability of $2,000,000 and property and equipment coverage of $2,500,000. - 5) During the year 2015, the Commission elected to adopt the 10% de minimis indirect administrative cost rate for the year beginning January 1, 2016. The Administrative cost so allocated in 2022 to all combined federal and state program expenditures under the Uniform Guidance referenced above amounted to $1,479,632.
De Minimis Rate Used: Y
Rate Explanation: See Footnote