Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of the Chester County Economic Development Foundation. The information in this schedule is presented in accordance with the requirements Title 2 U.S. Code of Federal Regulations part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts present in, or used in the preparation of, the basic financial statements. The accompanying schedule of expenditures of federal awards is presented using 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 auditee did not use the de minimis cost rate.