Notes to SEFA
Title: NOTE 3 ‐‐ BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards (the Schedule) 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: KVSS has not elected to use the 10% de minimis indirect cost rate allowed under Section 200.414 of the Uniform
Guidance.
The accompanying Schedule includes the federal award activity of KVSS under programs of the Federal government
for the year ended September 30, 2023. The information in this 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). Because the Schedule presents only a
selected portion of the operations of KVSS, it is not intended to and does not present the financial position and
changes in net position of KVSS.