Notes to SEFA
Title: NOTE 1. BASIS OF PRESENTATION
Accounting Policies: NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the modified accrual basis of accounting as used in the governmental financialstatements. Such expenditures are recognized following, as applicable, either the cost principles in Office of Managementand Budget Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in Title 2 U.S.Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAward, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifyingnumbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activity of Central MontanaLearning Resource Center Cooperative (Cooperative) under programs of the federal government for the fiscal year endedJune 30, 2022. The information in this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Cooperative, it is notintended to and does not present the financial position, changes in net position or cash flows of the Cooperative.