Notes to SEFA
Accounting Policies: BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of the Federal Awards (the Schedule) includes the federal award activity of the Consortium under programs of federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of 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 operation of the Consortium, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Consortium. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES- Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Consortium has not elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.