Notes to SEFA
Title: 1. Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual
basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Frenchman Bay Conservancy has not elected to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all
federal award programs of the Frenchman Bay Conservancy. All federal awards received directly
from federal agencies as well as federal awards passed through other governmental agencies are
included on the schedule. The information in this schedule is presented in accordance with the
requirements of the Uniform Guidance. Because the schedule presents only a selected portion of
the operations of Frenchman Bay Conservancy, it is not intended to and does not present the
financial position, changes in net assets, or cash flows of Frenchman Bay Conservancy.
Title: 2. Summary of Significant Accounting Policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual
basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Frenchman Bay Conservancy has not elected to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual
basis of accounting.
Frenchman Bay Conservancy has not elected to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.