Notes to SEFA
Accounting Policies: NOTE A Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes federal grant activity of the Agency under the programs of the federal government for the year ended September 30, 2022. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 Agency, it is not intended and does not present financial position, changes in net assets, or cash flows of the Agency. NOTE B Summary of Significant Accounting Policies1)Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditure are not allowable or are limited as to reimbursement.2)Pass-Thru entities are named and identifying numbers are presented if / when applicable.3)The Agency received no non-monetary assistance in the 2022 fiscal year end.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. See Note 3 to the Financial Statements. The Agency is billed periodically by the State of Arkansas for shared expenses related payroll processing & IT. Therefore, the de minimus rules not used.