Notes to SEFA
Title: Other Items
Accounting Policies: Expenditures reported on the SEFA 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 to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Unless an indirect rate was specified in the grant agreement, Visit Colorado Springs elected to use the 10% de minimis indirect cost rate to recover allowable indirect costs for federal grants.
Pass-through entity identifying numbers have been included where available.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the SEFA 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 to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Unless an indirect rate was specified in the grant agreement, Visit Colorado Springs elected to use the 10% de minimis indirect cost rate to recover allowable indirect costs for federal grants.
The accompanying schedule of expenditures of federal awards ("SEFA") includes the federal award activity of Visit Colorado Springs, under programs of the federal government, for the year ended December 31, 2021. The information in this 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 SEFA presents only a selected portion of the operations of Visit Colorado Springs, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of Visit Colorado Springs.