Notes to SEFA
Title: 1. BASIS OF PRESENTATION
Accounting Policies: The Schedule been prepared on the accrual basis of
accounting. Expenditures reported on the Schedule are
recognized when the expense was incurred.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal
awards (the "Schedule") includes the federal award
activity of the National Agriculture in the Classroom
Organization (the "Organization") under programs of
the federal government for the fiscal year ended,
December 31, 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 for Federal Awards (the
"Uniform Guidance"). Because the Schedule presents
only a selected portion of the operations of the
Organization, it is not intended to, and does not,
present the financial position, changes in net assets, or
cash flows of the Organization.
Title: 2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Accounting Policies: The Schedule been prepared on the accrual basis of
accounting. Expenditures reported on the Schedule are
recognized when the expense was incurred.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Nature of Activities
The Organization is a Florida nonprofit corporation
located in Palm Coast, Florida. The Organization was
formed for the purpose of providing kindergarten
through twelve grade teachers with web-based lesson
plans and companion resources, grant funding, a
national conference and a national teacher's award
program to help them incorporate agriculture concepts
into their reading, writing, math, science and social
studies lessons. The Organization has received tax
exempt status under section 501(c)(3) of the Internal
Revenue Code.
Basis of Accounting
The Schedule been prepared on the accrual basis of
accounting. Expenditures reported on the Schedule are
recognized when the expense was incurred.
Title: 3. INDIRECT COST RATE
Accounting Policies: The Schedule been prepared on the accrual basis of
accounting. Expenditures reported on the Schedule are
recognized when the expense was incurred.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Organization has elected not to use the ten
percent (10%) de minimis indirect cost rate allowed
under the Uniform Guidance.