Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: The expenditures are recognized following the cost principles contained in the Uniform Guidance, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement. In addition, agency or pass-through numbers are presented where available
De Minimis Rate Used: Y
Rate Explanation: MEDB 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 grant activity
of the Maui Economic Development Board, Inc. (MEDB) and is presented on the accrual basis of accounting.
The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of
Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance). Therefore, certain amounts presented in the Schedule
may differ from amounts presented in, or used in the preparation of, the financial statements.
Title: Note B - Summary of Significant Accounting Policies
Accounting Policies: The expenditures are recognized following the cost principles contained in the Uniform Guidance, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement. In addition, agency or pass-through numbers are presented where available
De Minimis Rate Used: Y
Rate Explanation: MEDB has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The expenditures are recognized following the cost principles contained in the Uniform Guidance, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement. In addition, agency or pass-through numbers are presented where available
Title: Note C - Indirect Cost Rates
Accounting Policies: The expenditures are recognized following the cost principles contained in the Uniform Guidance, as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement. In addition, agency or pass-through numbers are presented where available
De Minimis Rate Used: Y
Rate Explanation: MEDB has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
MEDB has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.