Notes to SEFA
Title: NOTE A- 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 the Uniform Guidance and/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Southeast Idaho Council of Governments, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance, with the eception of the EDA supplemental, temporary two year grant.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Southeast Idaho Council of Governments, Inc. under programs of the federal government for the year ended September 30, 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Southeast Idaho Council of Governments, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Southeast Idaho Council of Governments, Inc.
Title: NOTE D- US DEPARTMENT OF AGRICULTURE
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 the Uniform Guidance and/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Southeast Idaho Council of Governments, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance, with the eception of the EDA supplemental, temporary two year grant.
The criteria used to determine major financial asistance is the outstanding loan balance at September 30, 2022. The outstanding loan balance as of September 30, 2022 totaled $200,000.
Title: NOTE E- REVOLVING LOAN FUND - CARES
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 the Uniform Guidance and/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Southeast Idaho Council of Governments, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance, with the eception of the EDA supplemental, temporary two year grant.
Criteria used to determine the base used to determine Major Federal Assistance is as follows: