Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Erie under programs of the federal government for the year ended June 30, 2022. 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 Schedule presents only a selected portion of the operations of Erie, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Erie.
De Minimis Rate Used: Y
Rate Explanation: NOTE 6 - INDIRECT COST RATE Erie has elected to use the 10% de minimum indirect cost rate as allowed under the Uniform Guidance.
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, wherein certain types of expenditures are not allowable or are limited to reimbursement. Negative amounts shown on the schedule represents adjustments or credit made in the normal course of business to amounts reported as expenditures in prior years.
Title: NOTE 3 - LOAN OUTSTANDING
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Erie under programs of the federal government for the year ended June 30, 2022. 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 Schedule presents only a selected portion of the operations of Erie, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Erie.
De Minimis Rate Used: Y
Rate Explanation: NOTE 6 - INDIRECT COST RATE Erie has elected to use the 10% de minimum indirect cost rate as allowed under the Uniform Guidance.
Erie had no federal loan balances outstanding at June 30, 2022.
Title: NOTE 4 - NONCASH ASSISTANCE
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Erie under programs of the federal government for the year ended June 30, 2022. 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 Schedule presents only a selected portion of the operations of Erie, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Erie.
De Minimis Rate Used: Y
Rate Explanation: NOTE 6 - INDIRECT COST RATE Erie has elected to use the 10% de minimum indirect cost rate as allowed under the Uniform Guidance.
Erie neither received nor disbursed federal awards in the form of nonmonetary assistance for the year ended June 30, 2022.
Title: NOTE 5 - SUBRECIPIENT AWARDS
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Erie under programs of the federal government for the year ended June 30, 2022. 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 Schedule presents only a selected portion of the operations of Erie, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Erie.
De Minimis Rate Used: Y
Rate Explanation: NOTE 6 - INDIRECT COST RATE Erie has elected to use the 10% de minimum indirect cost rate as allowed under the Uniform Guidance.
Erie had no federal expenditures provided to subrecipient awards during the year ended June 30, 2022.