Notes to SEFA
Title: NONCASH AWARDS
Accounting Policies: Note A - Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federalgrant activity of Coastal Mississippi under programs of the federal government for the year endedSeptember 30, 2022. The information in this Schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Because the Schedule presents only a selected portion of the operations of Coastal Mississippi, it isnot intended to and does not present the financial position, results of operations and cash flows ofCoastal Mississippi.Note B - Summary of Significant Accounting PoliciesThe Schedule of Expenditures of Federal Awards has been prepared using the accrual basis ofaccounting. The accrual basis of accounting recognizes revenues when they are earned andexpenditures when they are incurred. The expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures may or may not beallowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The auditee did not have any noncash awards.
Title: SUBRECIPIENTS
Accounting Policies: Note A - Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federalgrant activity of Coastal Mississippi under programs of the federal government for the year endedSeptember 30, 2022. The information in this Schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Because the Schedule presents only a selected portion of the operations of Coastal Mississippi, it isnot intended to and does not present the financial position, results of operations and cash flows ofCoastal Mississippi.Note B - Summary of Significant Accounting PoliciesThe Schedule of Expenditures of Federal Awards has been prepared using the accrual basis ofaccounting. The accrual basis of accounting recognizes revenues when they are earned andexpenditures when they are incurred. The expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures may or may not beallowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The auditee did not have any subrecipients.