Notes to SEFA
Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant and loan activity of the New England Fishery Management Council (the Council) under programs of the federal government for the year ended December 31, 2022. The information in the 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 operations of the Council, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Council.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. NOTE C LOANS OUTSTANDING AND CAPITAL ADVANCEThe Council has not entered into any Federal loan programs.
De Minimis Rate Used: N
Rate Explanation: NOTE D INDIRECT COST RATEThe Council has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.