Notes to SEFA
Title: NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: See Note 1
De Minimis Rate Used: N
Rate Explanation: See Note 2
Expenditures reported in the schedule of expenditures of federal awards (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 allowable or are limited as to reimbursement.
Title: NOTE 2 INDIRECT COST RATE
Accounting Policies: See Note 1
De Minimis Rate Used: N
Rate Explanation: See Note 2
The Organization does not draw for indirect administrative costs and has not elected to use the 10% de minimis cost rate.
Title: NOTE 3 BASIS OF PRESENTATION
Accounting Policies: See Note 1
De Minimis Rate Used: N
Rate Explanation: See Note 2
The accompanying schedule includes the federal award activity of Spectra Health under programs of the federal government for the year ended May 31, 2023. The information 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 Spectra Health, it is not intended to and does not present the financial position,
changes in net assets, or cash flows of Spectra Health.
Title: NOTE 4 FINANCIAL STATEMENT RECONCILIATION
Accounting Policies: See Note 1
De Minimis Rate Used: N
Rate Explanation: See Note 2
See the Notes to the SEFA for chart/table