Notes to SEFA
Title: Note D - Noncash Awards
Accounting Policies: Note A - Basis of Presentation - The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Coastal Mississippi 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 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 Coastal Mississippi, it is not intended to and does not present the financial position, results of operations and cash flows of Coastal Mississippi.
Note B - Summary of Significant Accounting Policies - The Schedule of Expenditures of Federal Awards has been prepared using the accrual basis of accounting. The accrual basis of accounting recognizes revenues when they are earned and expenditures when they are incurred. The expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Note C - Indirect Cost Rate - The auditee has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The auditee did not have any noncash awards.
Title: Note E - Subrecipients
Accounting Policies: Note A - Basis of Presentation - The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Coastal Mississippi 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 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 Coastal Mississippi, it is not intended to and does not present the financial position, results of operations and cash flows of Coastal Mississippi.
Note B - Summary of Significant Accounting Policies - The Schedule of Expenditures of Federal Awards has been prepared using the accrual basis of accounting. The accrual basis of accounting recognizes revenues when they are earned and expenditures when they are incurred. The expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Note C - Indirect Cost Rate - The auditee has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The auditee did not have any subrecipients.