Notes to SEFA
Title: Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Kennebec Valley Community Action Program, under 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Kennebec Valley Community Action Program, it is not intended to and does not present the financial position, changes in net assets or cash flows of Kennebec Valley Community Action Program. 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 as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Kennebec Valley Community Action Program has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. Kennebec Valley Community Action Program has an indirect rate that has been approved by the U.S. Department of Health and Human Services (DHHS).
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Kennebec Valley Community Action Program, under 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Kennebec Valley Community Action Program, it is not intended to and does not present the financial position, changes in net assets or cash flows of Kennebec Valley Community Action Program. 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 as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Kennebec Valley Community Action Program does not have any subrecipients and accordingly has not incurred any subrecipient expenditures.