Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: (1) Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
(2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: LEAP did elect the 10% de minimus indirect cost rate.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Local Environmental Agricultural Project, Inc. (LEAP)under programs of the federal government for the year ended December 31, 2023. The information in the 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 the Local Environmental Agricultural Project, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Local Environmental Agricultural Project, Inc.
Title: Note 3 - Reconciliation to Financial Statements
Accounting Policies: (1) Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
(2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: LEAP did elect the 10% de minimus indirect cost rate.
See chart in Notes to SEFA