Notes to SEFA
Accounting Policies: Note 1. Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awardactivity of Macon-Russell Community Action Agency, Inc. under programs of the federal government forthe year ended October 31, 2022. The information in this Schedule is presented in accordance with therequirements 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 Schedulepresents only a selected portion of the operations of Macon-Russell Community Action Agency, Inc., it isnot intended to and does not present the financial position, changes in net assets or cash flows of Macon-Russell Community Action Agency, Inc.Note 2. Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement. Negative amountsshown on the Schedule represent adjustments or credits made in the normal course of business toamounts reported as expenditures in prior years.
De Minimis Rate Used: Both
Rate Explanation: Note 3. Indirect Cost RateMacon-Russell Community Action Agency, Inc. uses the indirect cost rate as allowed by each contract, ifstated. Otherwise, the Organization has elected to use the 10% de minimis indirect cost rate as allowedunder the Uniform Guidance.