Notes to SEFA
Title: Note 2
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting. Revenues were adjusted to balance expenditures incurred for each project.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to charge a de-minimis indirect cost rate of 10%, as permitted by the Uniform Guidance.
An extensive compliance test, as requried by the Uniform Guidance, was performed on the WIOA Cluster which represents 50% of the total expenditures reflected on the Schedule of Expenditures of Federal Awards. The WIOA Cluster exceeds $264,749 and, therefore, represents the only program requiring specific compliance testing.