Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the federal grant awards activity of the Association under programs of the federal government for the year ended March 31, 2023. The information in the SEFA is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the SEFA presents only a selected portion of the operations of the Association, it is not intended and does not present the financial position, change in net assets, or cash flows of the Association. The SEFA has been prepared on the accrual basis of accounting, which is the method of accounting used for the financial statements. Such expenditures are recognized following Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. Negative amounts shown on the SEFA represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Association has elected not to use the 10-percent de minimis indirect cost rate allowed by the Uniform Guidance.