Notes to SEFA
Title: ACCOUNTING BASIS - BASIC FINANCIAL STATEMENTS
Accounting Policies: THE ACCOUNTING POLICIES CONFORM TO ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA AS APPLICABLE TO NONPROFIT ORGANIZATIONS
De Minimis Rate Used: N
Rate Explanation: SOUTHEASTERN REGIONAL ACTION COUNCIL, INC. HAS ELECTED NOT TO USE THE 10 PERCENT DE MINIMUS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.
The accounting policies of Southeastern Regional Action Council, Inc. conform to accounting principles generally
accepted in the United States of America as applicable to nonprofit organizations.
Title: ACCOUNTING BASIS - SCHEDULE OF FEDERAL AWARDS
Accounting Policies: THE ACCOUNTING POLICIES CONFORM TO ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA AS APPLICABLE TO NONPROFIT ORGANIZATIONS
De Minimis Rate Used: N
Rate Explanation: SOUTHEASTERN REGIONAL ACTION COUNCIL, INC. HAS ELECTED NOT TO USE THE 10 PERCENT DE MINIMUS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.
The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis consistent
with the preparation of the financial statements. Information included in the schedule of expenditures of federal
awards is presented in accordance with the requirements of the Uniform Guidance.
For cost reimbursement awards, revenues are recognized to the extent of expenditures. Expenditures have been
recognized to the extent the related obligation was incurred within the applicable grant period and liquidated
within 90 days after the end of the grant period.
For performance-based awards, revenues are recognized to the extent of performance achieved during the grant
period.
Title: ACCOUNTING BASIS - COST ALLOCATION PRINCIPLES
Accounting Policies: THE ACCOUNTING POLICIES CONFORM TO ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA AS APPLICABLE TO NONPROFIT ORGANIZATIONS
De Minimis Rate Used: N
Rate Explanation: SOUTHEASTERN REGIONAL ACTION COUNCIL, INC. HAS ELECTED NOT TO USE THE 10 PERCENT DE MINIMUS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.
Southeastern Regional Action Council, Inc. has elected not to use the 10 percent de minimus indirect cost rate
allowed under the Uniform Guidance.
Title: OTHER FEDERAL ASSISTANCE
Accounting Policies: THE ACCOUNTING POLICIES CONFORM TO ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA AS APPLICABLE TO NONPROFIT ORGANIZATIONS
De Minimis Rate Used: N
Rate Explanation: SOUTHEASTERN REGIONAL ACTION COUNCIL, INC. HAS ELECTED NOT TO USE THE 10 PERCENT DE MINIMUS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.
Southeastern Regional Action Council, Inc. did not receive other federal assistance in the form of insurance,
loans, or loan guarantees.