Notes to SEFA
Title: Note 1: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expneditures are recognized following the cost principles obtained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited to reimbursement. Pass-through grantor identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Mid-State Opportunity, Inc. utilizes a final indirect cost rate as defined by 2 CRF Part 200, Appendix IV.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Mid-State Opportunity, Inc. 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 Mid-State Opportunity, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Mid-State Opportunity, Inc.
Title: Note 2: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expneditures are recognized following the cost principles obtained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited to reimbursement. Pass-through grantor identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Mid-State Opportunity, Inc. utilizes a final indirect cost rate as defined by 2 CRF Part 200, Appendix IV.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited to reimbursement.
Pass-through grantor identifying numbers are presented where available.
Title: Note 3: Indirect Cost
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expneditures are recognized following the cost principles obtained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited to reimbursement. Pass-through grantor identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Mid-State Opportunity, Inc. utilizes a final indirect cost rate as defined by 2 CRF Part 200, Appendix IV.
Mid-State Opportunity, Inc. utilizes a final indirect cost rate as defined by 2 CRF Part 200, Appendix IV.