Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: EXPENDITURES REPORTED ON THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 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: REGION 2 PLANNING AND DEVELOPMENT COUNCIL HAS ELECTED NOT TO USE THE 10-PERCENT DEMINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE, AS IT USES THE RATE WHICH IS PRE-APPROVED BY THEIR GRANTOR AGENCIES.
THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (THE SCHEDULE) INCLUDES THE FEDERAL AWARD ACTIVITY OF THE REGION 2 PLANNING AND DEVELOPMENT COUNCIL UNDER PROGRAMS OF THE FEDERAL GOVERNMENT FOR THE YEAR ENDED JUNE 30, 2023. THE INFORMATION IN THIS SCHEDULE IS PRESENTED IN ACCORDANCE WITH 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 REGION 2 PLANNING AND DEVELOPMENT COUNCIL, IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION OR CHANGES IN NET POSITION.