Notes to SEFA
Title: Note 3 - Reconciliation to the Financial Statements
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 1 to the Cooperative's financial statements. 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 applicable and have been identified in the Schedule.
De Minimis Rate Used: N
Rate Explanation: For purposes of charging indirect costs to federal awards, the Cooperative has not elected to usethe 10% de minimis cost rate as permitted by ?200.414 of the Uniform Guidance.
The amount presented in the Schedule reconciles to the federal revenue presented in the financial statements of $1,082,077.
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 1 to the Cooperative's financial statements. 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 applicable and have been identified in the Schedule.
De Minimis Rate Used: N
Rate Explanation: For purposes of charging indirect costs to federal awards, the Cooperative has not elected to usethe 10% de minimis cost rate as permitted by ?200.414 of the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Lakeland Library Cooperative (the Cooperative) 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the schedule presents only a selected portion of the operations of the Cooperative, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Cooperative.The Cooperatives reporting entity is defined in Note 1 of the Cooperatives financial statements.