Notes to SEFA
Accounting Policies: A. Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awareds (Schedule) includes the federal award activity of Mo-Kan Regional Council under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the 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 Mo-Kan Regional Council, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Mo-Kan Regional Council. The accompanying schedule includes all federal financial assistance programs administered by the Mo-Kan Regional Council. B. Summary of Significant Accounting Policies: Expenditures reported on the Schedule are on the accrual basis which recognizes expenditures of federal awareds when the related expenditure is incurred. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Council has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.