Notes to SEFA
Accounting Policies: Basis of PresentationThe accompanying schedule of expenditures of federal awards (the schedule) includes thefederal grant activity of JCFA under programs of the federal government for the yearended June 30, 2022. The information in the schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the schedule presents only a selected portion of theoperations of JCFA, it is not intended to and does not present the financial position,changes in net assets, or cash flows of JCFA.Expense RecognitionExpenditures reported on the schedule are reported on the accrual basis of accounting.Such expenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowed or are limited as toreimbursement.Payments to SubrecipientsThere were no payments to subrecipients for the fiscal year ended June 30, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.