Notes to SEFA
Title: Note 4 – Reconciliation of Expenditures Presented in the Schedule of Expenditures of Federal
Awards to the Expenses Presented in the Financial Statements
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.
De Minimis Rate Used: N
Rate Explanation: The Corporation has a federally negotiated indirect cost rate.
Total federal awards expenditures per SEFA $ 6,159,405
Less: Capitalized federal awards (21,000)
Add: Non federal awards expenditures 41,995,538
Total expenses per financial statements $ 48,133,943