Notes to SEFA
Accounting Policies: A. BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of National Lead for America, Inc. under programs of the federal government for the year ended December 31, 2022. The information in this Schedule is presented in accordance with the requirement 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 operation of National Lead for America, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of National Lead for America, Inc.B. BASIS OF ACCOUNTING - Expenditures 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 and OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.