Notes to SEFA
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of theSequatchie Valley Educational Development Agency and is presented on the modified accrual basis ofaccounting. The information is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards. Therefore, some amounts presented in this schedule may different from amounts presentedin, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certaintypes of expenditures are not allowable or limited to reimbursement. Sequatchie Valley EducationalDevelopment Agency has elected not to use the 10 percent de minimis indirect cost rate allowed under theUniform Guidance.
Of the federal expenditures presented in the schedule, the Sequatchie Valley Educational Development Agency did not provide federal awards to subrecipients.