Notes to SEFA
Title: 1. Basis of Presentation
Accounting Policies: Expenditures reported in the SEFA 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: N
Rate Explanation: The Association records its expenditures of federal awards using the indirect cost and
fringe benefit rates per its nonprofit rate agreement with the federal government, which
was approved in accordance with the authority in the Uniform Guidance.
In this manner, the Association has elected not to use the 10% de minimis indirect cost
rate, which is allowed in accordance with the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (SEFA) includes the
federal grant activity of the Association under programs of the federal government for the
year ended September 30, 2023. The information in the SEFA 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 SEFA presents only a selected portion of the
operations of the Association, it is not intended to, and does not, present the financial
position, changes in net assets, or cash flows of the Association.
Title: 2. Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported in the SEFA 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: N
Rate Explanation: The Association records its expenditures of federal awards using the indirect cost and
fringe benefit rates per its nonprofit rate agreement with the federal government, which
was approved in accordance with the authority in the Uniform Guidance.
In this manner, the Association has elected not to use the 10% de minimis indirect cost
rate, which is allowed in accordance with the Uniform Guidance.
Expenditures reported in the SEFA 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.
Title: 3. Indirect Cost Rates
Accounting Policies: Expenditures reported in the SEFA 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: N
Rate Explanation: The Association records its expenditures of federal awards using the indirect cost and
fringe benefit rates per its nonprofit rate agreement with the federal government, which
was approved in accordance with the authority in the Uniform Guidance.
In this manner, the Association has elected not to use the 10% de minimis indirect cost
rate, which is allowed in accordance with the Uniform Guidance.
The Association records its expenditures of federal awards using the indirect cost and
fringe benefit rates per its nonprofit rate agreement with the federal government, which
was approved in accordance with the authority in the Uniform Guidance.
In this manner, the Association has elected not to use the 10% de minimis indirect cost
rate, which is allowed in accordance with the Uniform Guidance.