Notes to SEFA
Accounting Policies: A. Reporting Entity - The accompanying schedule includes all federal award programs of the Greater Portland Council of Governments for the fiscal year ended June 30, 2022. The reporting entity is defined in the notes to the financial statements of the Greater Portland Council of Governments. B. Basis of Presentation - The information in the accompanying Schedule of Expenditures of Federal Awards is presented in accordance with the Uniform Guidance. 1. Pursuant to the Uniform Guidance, federal awards are defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, or direct appropriations. 2. Major Programs - the Uniform Guidance establishes the level of expenditures or expenses to be used in defining major federal award programs. Major programs for the Greater Portland Council of Governments are identified in the summary of auditors results section in the schedule of findings and questioned costs. C. Basis of Accounting - The information presented in the schedule of expenditures of federal awards is presented on the accrual basis of accounting, which is consistent with the reporting in the Councils financial statements. The Schedule of Expenditures of Federal Awards does not include matching amounts that the Council expends in connection with its federal programs.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate - The amounts expended include costs claimed as an indirect cost recovery using an approved indirect cost rate of 52.65% for January 1, 2022 through June 30, 2022 and 55.83% for July 1, 2021 through December 31, 2021. As such, the entity has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.