Notes to SEFA
Accounting Policies: Summary of Significant Accounting Policies
Basis of Presentation
The information in the Schedule is presented in accordance with the Uniform Guidance. The
Schedule, at a minimum, entails the following:
1. Listing of individual Federal, State, Local and Other Entities programs by awarding
agency for which the System expended funds for the year ended April 30, 2023
2. Total Federal, State, Local and Other Entities awards expended for the year ended April
30, 2023
3. Catalog of Federal Domestic Assistance (CFDA) and Catalog of State Financial
Assistance (CSFA) number for each program that had expenditures for the year ended
April 30, 2023
4. The name of the pass-through entity and the identifying number assigned by the passthrough
entity for awards received as a subrecipient
5. The total amount provided to subrecipients from each Federal, State and Local program,
if any
6. Notes that describe the significant accounting policies used in preparing the Schedule and
notes indicating the indirect cost rate applied. Reporting Entity
of the Schedule. The Schedule includes
all Federal and State assistance programs administered by the System during the year ended
April 30, 2023, that are subject to a Uniform Guidance audit.
Basis of Accounting
The expenditures presented on the Schedule are reported on the accrual basis of accounting in
accordance with accounting principles generally accepted in the United States of America and
following the Uniform Guidance, wherein certain types of expenditures are unallowable or
have conditions or limits as far as the reimbursement.
Indirect Costs The Schedule includes a portion of allocated costs from a federally
approved indirect cost rate plan. The System did not elect to use the 10% de minimis cost
rate.
Matching Costs All expenditures are recorded based on funded amounts, while
additional costs, such as matching costs, are not included in the Schedule.
Capital Costs The System records grant funds restricted for the acquisition of capital
assets as non-operating revenue in the accounting period in which they are earned and
become measurable.
Because the Schedule presents only a selected portion of the operations of the System, it is
not intended to and does not present the financial position, changes in net assets or cash
flows of the System.
De Minimis Rate Used: N
Rate Explanation: N/A