Notes to SEFA
Title: INDIRECT COST RATE
Accounting Policies: GENERALThe accompanying schedule of expenditures of federal awards presents the activity of all federalaward programs of Southeast Regional Resource Center, Inc. (the Resource Center).BASIS OF ACCOUNTINGThe accompanying schedule of expenditures of federal awards is presented using the accrualbasis of accounting, which is described in Note 1 to the Resource Centers financial statements.Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures arenot allowable or are limited as to reimbursement. The Resource Center has elected not to usethe 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Resource Center has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. Negative amounts as reported on the schedule ofexpenditures of federal rewards represent amounts due back to the grantor due to differences between provisional indirect rates that have settled as final and are reported as payable to grantors in the statements of financial position.
Title: RECONCILIATION OF SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO FINANCIALS
Accounting Policies: GENERALThe accompanying schedule of expenditures of federal awards presents the activity of all federalaward programs of Southeast Regional Resource Center, Inc. (the Resource Center).BASIS OF ACCOUNTINGThe accompanying schedule of expenditures of federal awards is presented using the accrualbasis of accounting, which is described in Note 1 to the Resource Centers financial statements.Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures arenot allowable or are limited as to reimbursement. The Resource Center has elected not to usethe 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Grant revenues as reflected in the financial statements reconcile to federal expenditures as reflected on the schedule of expenditures of federal awards as follows:Grant revenue in the accompanying financial statements $ 5,842,987State and other grant revenue included in the accompanying financial statements (773,513)Expenditures reported on the schedule of expenditures of federal awards $ 5,069,474