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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Cornerstone Services, Inc. and Subsidiaries has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Cornerstone Services, Inc. and Subsidiaries (Cornerstone) under programs of the 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 operations of Cornerstone Services, Inc. and Subsidiaries, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Cornerstone Services, Inc. and Subsidiaries.
Title: Subrecipients
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Cornerstone Services, Inc. and Subsidiaries has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Cornerstone Services, Inc. and Subsidiaries provided no federal awards to subrecipients during the fiscal year ended June 30, 2023.
Title: Nonmonetary Assistance
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Cornerstone Services, Inc. and Subsidiaries has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Cornerstone Services, Inc. and Subsidiaries received no federal awards in the form of nonmonetary assistance during the fiscal year ended June 30, 2023.
Title: Insurance and Loans or Loan Guarantees
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Cornerstone Services, Inc. and Subsidiaries has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
During the year ended June 30, 2023, Cornerstone Services, Inc. and Subsidiaries received no insurance, loans, loan guarantees or other federal assistance for the purpose of administering federal programs.