Notes to SEFA
Accounting Policies: NOTE A - BASIS OF PRESENTATION - The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the Midwest Regional Educational Service Center (the Center) under programs of the federal government for the fiscal year ended June 30, 2022. The information on this Schedule is prepared 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 the Center, it is not intended to and does not present the financial position and changes in net position of the Center. NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: NOTE C - INDIRECT COST RATE - The Center has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.