Notes to SEFA
Title: SEFA Note #1
Accounting Policies: The accompanying Schedule of Federal Awards includes the federal grant activity of the Organization and is presented on the cash basis of accounting. 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). Therefore, amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The Organization has elected to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimus cost rate.
The information on this schedule has been prepared on the cash basis of accounting, Therefore, receipts are recognized when received rather than when earned and expenditures are recognized when paid rather than when obligations are incurred.