Notes to SEFA
Accounting Policies: Basis of Accounting - The accompanying schedule of expenditures of federal awards (the Schedule)includes the federal grant activity of the Corporation and under programs of the federal government forthe year ended December 31, 2022. Expenditures reported on the Schedule are reported on the same basisof accounting as the basic financial statements, although the basis for determining when federal awardsare expended is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). In addition, expenditures reported on the Schedule are recognizedfollowing the cost principles contained in OMB circular, 2 CFR 200.420, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented inthis Schedule may differ from amounts presented in, or used in the preparation of the basic financialstatements.Because the Schedule presents only a selected portion of the operations of the Corporation, it is notintended to and does not present the financial position, changes in net assets, or cash flows, if applicable,of the Corporation.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.