Notes to SEFA
Accounting Policies: 1. Basis of PresentationThe accompanying schedule of expenditures of federal awards (SEFA) includes thefederal grant activity of the Association under programs of the federal government for theyear ended September 30, 2022. The information in the SEFA is presented in accordancewith the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the SEFA presents only a selected portion of theoperations of the Association, it is not intended to, and does not, present the financialposition, changes in net assets, or cash flows of the Association.2. Summary of Significant Accounting PoliciesExpenditures reported in the SEFA are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement.3. Indirect Cost RatesThe Association records its expenditures of federal awards using the indirect cost andfringe benefit rates per its nonprofit rate agreement with the federal government, whichwas approved in accordance with the authority in the Uniform Guidance.In this manner, the Association has elected not to use the 10% de minimis indirect costrate, which is allowed in accordance with the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.