Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures follow the cost principles contained in the Uniform Guidance. For existing awards prior to December 26, 2014, the expenditures follow the cost principles contained in OMB Circular A-122, Cost Principles for Nonprofit Organizations. The cost principles indicate that certain types of expenditures are not allowable or reimbursements of allowable costs are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Council records its expenditures of federal awards using the indirect cost and fringe benefit rate per the nonprofit rate agreement with the federal government, which was approved in accordance with the authority of the Uniform Guidance. In this manner, the Council has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activity of the Council under the programs of the federal government for the year ended December 31, 2023. The information in the SEFA 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). Because the SEFA presents only a selected portion of the operations of the Council, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Council.
Title: Summary of Significant Accounting Policies
Accounting Policies: The expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures follow the cost principles contained in the Uniform Guidance. For existing awards prior to December 26, 2014, the expenditures follow the cost principles contained in OMB Circular A-122, Cost Principles for Nonprofit Organizations. The cost principles indicate that certain types of expenditures are not allowable or reimbursements of allowable costs are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Council records its expenditures of federal awards using the indirect cost and fringe benefit rate per the nonprofit rate agreement with the federal government, which was approved in accordance with the authority of the Uniform Guidance. In this manner, the Council has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures follow the cost principles contained in the Uniform Guidance. For existing awards prior to December 26, 2014, the expenditures follow the cost principles contained in OMB Circular A-122, Cost Principles for Nonprofit Organizations. The cost principles indicate that certain types of expenditures are not allowable or reimbursements of allowable costs are limited as to reimbursement.
Title: Indirect Cost Rate
Accounting Policies: The expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures follow the cost principles contained in the Uniform Guidance. For existing awards prior to December 26, 2014, the expenditures follow the cost principles contained in OMB Circular A-122, Cost Principles for Nonprofit Organizations. The cost principles indicate that certain types of expenditures are not allowable or reimbursements of allowable costs are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Council records its expenditures of federal awards using the indirect cost and fringe benefit rate per the nonprofit rate agreement with the federal government, which was approved in accordance with the authority of the Uniform Guidance. In this manner, the Council has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Council records its expenditures of federal awards using the indirect cost and fringe benefit rate per the nonprofit rate agreement with the federal government, which was approved in accordance with the authority of the Uniform Guidance. In this manner, the Council has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.