Notes to SEFA
Accounting Policies: The accompanying Schedules of Expenditures of Federal and Expenditures of State Awards includes the federal and state grant activity of Arkansas Foundation for Medical Care, Inc. and is presented on the accrual basis of accounting. The information in these schedules are presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200m Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the Arkansas Department of Human Services. Because the schedules present only a selected portion of the operations of Arkansas Foundation for Medical Care, Inc., they are not intended to and do not present the financial position, changes in net assets, or cash flows of Arkansas Foundation for Medical Care, Inc.
De Minimis Rate Used: N
Rate Explanation: Expenditures reported on the schedules 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. Arkansas Foundation for Medical Care, Inc. has not elected to use the 10-percent de-minimis indirect cost rate allowed under Uniform Guidance.