Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement
De Minimis Rate Used: N
Rate Explanation: The Consortium has not elected to use the 10 percent de minimus indirect cost rate as allowed under
the Uniform Guidance
The accompanying Schedule of Expenditures of the Federal Awards (the Schedule) includes the federal
award activity of the Consortium under programs of federal government for the year ended
June 30, 2023. 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 (Uniform Guidance). Because the Schedule presents only a
selected portion of the operation of the Consortium, it is not intended to and does not present the
financial position, changes in net position, or cash flows of the Consortium.