Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: GAAP
De Minimis Rate Used: Y
Rate Explanation: The Council elected to use the ten percent deminimis indirect cost rate.
The Schedule presents total federal awards expended for each individual federal program during the fiscal year ended June 30, 2023 and is presented in accordance with the requirements of OMB Uniform Guidance. Federal award program titles are reported as presented in the Federal Assistance Listing. Federal award programs include expenditures, pass-throughs to non-state agencies, non-monetary assisatance and loan programs.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: GAAP
De Minimis Rate Used: Y
Rate Explanation: The Council elected to use the ten percent deminimis indirect cost rate.
The expenditures for each of the federal financial assistance programs are presented in the Schedule on the accrual basis of accounting. Such expensitures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal AwaRDS, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENTS.
Title: SUBRECIPIENTS
Accounting Policies: GAAP
De Minimis Rate Used: Y
Rate Explanation: The Council elected to use the ten percent deminimis indirect cost rate.
The Council did not provide federal awards to subrecipients during the year ended June 30, 2023.
Title: NON-CASH ASSISTANCE, LOANS OUTSTANDING AND INSURANCE
Accounting Policies: GAAP
De Minimis Rate Used: Y
Rate Explanation: The Council elected to use the ten percent deminimis indirect cost rate.
The Council did not receive any federal non-cash assistance, federal lonas, or federal insurance for the year ended June 30, 2023.
Title: INDIRECT COST RATE
Accounting Policies: GAAP
De Minimis Rate Used: Y
Rate Explanation: The Council elected to use the ten percent deminimis indirect cost rate.
The Council has elected to use the ten percent deminimis indirect cost rate under the Uniform Guidance.