Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Presented on accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Association does not use the 10 percent de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of LPCA and is prepared on the accrual basis of accounting.
Title: Basis of Presentation
Accounting Policies: Presented on accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Association does not use the 10 percent de minimis cost rate.
The information in this schedule is presented in accordance with the requirements contained in Title 2 of US Code of Federal Regulations Part 200 Uniform Administrative Requirements Cost Principles and requirements for Federal Awards Uniform Guidance