Notes to SEFA
Title: ORGANIZATION OF THE SCHEDULE
Accounting Policies: The information is presented in accordance with requirements of Title 2 Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (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. Except as indicated otherwise, the following basis of presentation applies to all activity reported in the schedule. Expenditures are reported on the accrual basis, after all year-end audit adjustments. Expenditures are reported up to the amount of the grant award. Expenditures in a program which are not covered by the federal award are not included.
De Minimis Rate Used: Y
Rate Explanation: South Coast Business Employment Corporation has elected to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
All identified federal awards expended by South Coast Business Employment Corporation are included in the schedule. Grants are organized by federal department or agency and identified by the Federal Assistance Number.
Title: MAJOR AND NONMAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAMS
Accounting Policies: The information is presented in accordance with requirements of Title 2 Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (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. Except as indicated otherwise, the following basis of presentation applies to all activity reported in the schedule. Expenditures are reported on the accrual basis, after all year-end audit adjustments. Expenditures are reported up to the amount of the grant award. Expenditures in a program which are not covered by the federal award are not included.
De Minimis Rate Used: Y
Rate Explanation: South Coast Business Employment Corporation has elected to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
Federal financial assistance programs with identical assistance numbers are combined in determining whether the programs are major or nonmajor. Type A major federal financial assistance programs are those with combined expenditures of $750,000 or more during a fiscal year. Type B nonmajor federal financial assistance programs are those with combined expenditures of less than $750,000 during a fiscal year.