Notes to SEFA
Title: Basis of presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. Under these principals, certain types of expenditures are not allowable or are limited as to reimbursment.
De Minimis Rate Used: N
Rate Explanation: In this instance expenditures are recognized following the cost principles contained in the Uniform Guidance, whereas certain types of expenditures are not allowable or are limited as to reimbursment.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Nations, Inc. D/B/A Nations. under programs of the federal government for the year ended December 31, 2022. The information in this Schedule is presented in accordance with the requirements of the 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 Nations, Inc. D/B/A Nations it is not intended to and does not present the financial position, changes in net assets, or cash flows of Nations, Inc. D/B/A Nations.