Notes to SEFA
Accounting Policies: Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activityof Asian Community Development Council and Affiliate (the Council) under programs of the federal governmentfor the year ended December 31, 2022. The information in this schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only aselected 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.Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited as to reimbursement. For cost reimbursement grants, federal awards are consideredexpended when the transactions occur. For program income, federal awards are considered expended when fundsare received or used.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.