Notes to SEFA
Accounting Policies: NOTE A - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards includes the federal grant activity of Center for the Inland Bays, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. NOTE B - INDIRECT COST RATE Management has elected not to use the federally approved indirect cost rate of 10%, as management does not currently have any federal contracts where an indirect cost rate is charged.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Management does not currently have any federal contracts where an indirect cost rate is charged.