Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in this Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in financial position, or cash flows of the Organization.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Schedule is prepared in accordance with the requirement of Title 2 U.S. Code of Federal Regulations Parts 200 and 910, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in financial position, or cash flows of the Organization.
Title: Contingencies
Accounting Policies: Expenditures reported in this Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in financial position, or cash flows of the Organization.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Grant monies received and disbursed are for specific purposes and are subject to review by the grantor agencies. Such audits result in requests for reimbursement due to disallowed expenditures. Management does not believe that such disallowance, if any, would have a material effect on its financial position. As of June 30, 2022, there were no material questioned or disallowed costs as a result of the grant audits in process or completed.