Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: Expenditureson the Schedule are reported on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (GAAP). Such expenditures are recognized following the cost principles contained in 2CFR Section 200.502 wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: There is no indirect cost rate approved for these grants and AARC did not elect to use the 10% de minimis rate indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes grant activity of Alamo Area Resource Center, Inc.(AARC) under programs of the federal governmentsfor the year ended September 30, 2023. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Because the schedule presents only a selected portion of the operations of AARC, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of AARC. 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 B - Summary of significant Accounting Policies
Accounting Policies: Expenditureson the Schedule are reported on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (GAAP). Such expenditures are recognized following the cost principles contained in 2CFR Section 200.502 wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: There is no indirect cost rate approved for these grants and AARC did not elect to use the 10% de minimis rate indirect cost rate.
Expenditures on the Schedule are reported on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (GAAP). Such expenditures are recognized following the cost principles contained in 2CFR Section 200.502 wherein certain types of expenditures are not allowable or are limited as to reimbursement.