Notes to SEFA
Accounting Policies: (1) BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of Southern United States Trade Association under programs of the federal government for the year ended September 30, 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 Southern United States Trade Association it is not intended to and does not present the financial position, changes in net position, or cash flows of Southern United States Trade Association.(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpense RecognitionExpenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.Payments to SubrecipientsThere were no payments to subrecipients for the fiscal year ended September 30, 2022.(3) INDIRECT COST RATESouthern United States Trade Association has elected not to use the 10% de minimisindirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.