Notes to SEFA
Title: Relationship to Federal Financial Reports
Accounting Policies: For purposes of the Schedule of Expenditures of Federal Awards (SEFA), expenditures for federal programs are recognized 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 auditee did not use the de minimis cost rate.
Grant expenditure reports as of and for the year ended June 30, 2022, which have been submitted to grantor agencies, will, in some cases, differ from amounts disclosed herein. The reports prepared for grantor agencies are typically prepared at a later date and often reflect refined estimates of the year-end accruals.
Title: Relationship of SEFA to the Basic Financial Statements
Accounting Policies: For purposes of the Schedule of Expenditures of Federal Awards (SEFA), expenditures for federal programs are recognized 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 auditee did not use the de minimis cost rate.
In accordance with the Governmental Accounting Standards Boards Statement No. 61, Financial Reporting Entity and Statement No. 39, Determining Whether Certain Organizations are Component Units an Amendment of GASB Statement No.14, activities relating to all federal financial assistance programs are blended in the Consortiums financial statements and reported in special revenue funds.