Notes to SEFA
Title: Note 1: Basis of Presentation
Accounting Policies: The schedule is prepared on the same basis of accounting as North Mississippi Education Consortium’s financial statements. The Consortium uses the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of OMB Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Consortium has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards, as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, includes the federal award activity of North Mississippi Education Consortium under programs of the federal and state governments for the year ended June 30, 2021. The schedule presents only a selected portion of the operations of North Mississippi Education Consortium, Mississippi and is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Consortium.
Title: Note 2: Basis of Accounting
Accounting Policies: The schedule is prepared on the same basis of accounting as North Mississippi Education Consortium’s financial statements. The Consortium uses the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of OMB Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Consortium has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The schedule is prepared on the same basis of accounting as North Mississippi Education Consortium’s financial statements. The Consortium uses the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of OMB Uniform Guidance.
Title: Note 3: Program Costs
Accounting Policies: The schedule is prepared on the same basis of accounting as North Mississippi Education Consortium’s financial statements. The Consortium uses the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of OMB Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Consortium has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the schedule are reported on the accrual basis of accounting.
Title: Note 4: Indirect Cost Rate
Accounting Policies: The schedule is prepared on the same basis of accounting as North Mississippi Education Consortium’s financial statements. The Consortium uses the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of OMB Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Consortium has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Consortium has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.