Notes to SEFA
Title: NOTE 1 - GENERAL
Accounting Policies: NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reflected on the accompanying schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles forNon-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as toreimbursement.
De Minimis Rate Used: N
Rate Explanation: PRAC has elected not to use the 10 percent de minimis indirect cost rate.
The accompanying schedule of expenditures of federal and state awards presents expenditures for all federal andstate assistance awards that were in effect for the year ended August 31, 2022 for Panhandle Regional AdvisoryCouncil Trauma Service Area - A (PRAC). PRACs reporting entity is described in Note 1 of the basic financialstatements.
Title: NOTE 2 - BASIS OF PRESENTATION
Accounting Policies: NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reflected on the accompanying schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles forNon-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as toreimbursement.
De Minimis Rate Used: N
Rate Explanation: PRAC has elected not to use the 10 percent de minimis indirect cost rate.
The accompanying schedule of expenditures of federal and state awards includes the federal and state grant activityof PRAC and is presented on the accrual basis of accounting. The information in this schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the State of TexasSingle Audit Circular issued by the Office of the Governor of the State. Because the schedule presents only aselected portion of the operations of PRAC, it is not intended to and does not present the financial position, changesin net assets, or cash flows of PRAC.
Title: NOTE 4 - OTHER DISCLOSURES
Accounting Policies: NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reflected on the accompanying schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles forNon-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as toreimbursement.
De Minimis Rate Used: N
Rate Explanation: PRAC has elected not to use the 10 percent de minimis indirect cost rate.
There were no loans or loan guarantees outstanding at year end.PRAC disbursed $419,944 in state awards to subrecipients for the year ended August 31, 2022.PRAC has elected not to use the 10 percent de minimis indirect cost rate.