Notes to SEFA
Title: 1. Basis of Accounting
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the accrual basis of accounting. Most federal grants received by the Association are funded on a cost-reimbursement basis whereby expenditures are subject to audit by various government agencies prior to submitting reimbursement. Under such circumstances and in a manner consistent with the basis of accounting described above. This treatment results in timing differences, which are resolved over the term of the grant.
De Minimis Rate Used: Y
Rate Explanation: The Department has elected to use the 10% de minimus cost rate on grants that allow for it.
The Schedule of Expenditures of Federal Awards is prepared on the accrual basis of accounting. Most federal grants received by the Association are funded on a cost-reimbursement basis whereby expenditures are subject to audit by various government agencies prior to submitting reimbursement. Under such circumstances and in a manner consistent with the basis of accounting described above. This treatment results in timing differences, which are resolved over the term of the grant.
Title: 2. Reporting Entity
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the accrual basis of accounting. Most federal grants received by the Association are funded on a cost-reimbursement basis whereby expenditures are subject to audit by various government agencies prior to submitting reimbursement. Under such circumstances and in a manner consistent with the basis of accounting described above. This treatment results in timing differences, which are resolved over the term of the grant.
De Minimis Rate Used: Y
Rate Explanation: The Department has elected to use the 10% de minimus cost rate on grants that allow for it.
The Association, for purposes of the Schedule of Expenditures of Federal Awards, includes all funds for which the Association is financially accountable.
Title: 3. Pass-Through Awards
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the accrual basis of accounting. Most federal grants received by the Association are funded on a cost-reimbursement basis whereby expenditures are subject to audit by various government agencies prior to submitting reimbursement. Under such circumstances and in a manner consistent with the basis of accounting described above. This treatment results in timing differences, which are resolved over the term of the grant.
De Minimis Rate Used: Y
Rate Explanation: The Department has elected to use the 10% de minimus cost rate on grants that allow for it.
The Association receives certain federal awards in the form of pass-through awards from the City of Lincoln and State of Nebraska and other various agencies. Such amounts received as pass-through awards are specifically identified on Schedule of Expenditures of Federal Awards.
Title: 4. Contingencies
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the accrual basis of accounting. Most federal grants received by the Association are funded on a cost-reimbursement basis whereby expenditures are subject to audit by various government agencies prior to submitting reimbursement. Under such circumstances and in a manner consistent with the basis of accounting described above. This treatment results in timing differences, which are resolved over the term of the grant.
De Minimis Rate Used: Y
Rate Explanation: The Department has elected to use the 10% de minimus cost rate on grants that allow for it.
The Association receives funds under various federal grant programs and such assistance is to be expended in accordance with the provisions of the various grants. Compliance with the grants is subject to audit by various government agencies which may impose sanctions in the event of noncompliance. Management believes that they have complied with all aspects of the various grant provisions and the results of adjustments, if any, relating to such audits would not have a material financial impact.
Title: 5. Indirect Costs
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the accrual basis of accounting. Most federal grants received by the Association are funded on a cost-reimbursement basis whereby expenditures are subject to audit by various government agencies prior to submitting reimbursement. Under such circumstances and in a manner consistent with the basis of accounting described above. This treatment results in timing differences, which are resolved over the term of the grant.
De Minimis Rate Used: Y
Rate Explanation: The Department has elected to use the 10% de minimus cost rate on grants that allow for it.
The Department has elected to use the 10% de minimus cost rate on grants that allow for it.