Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: 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 the Board, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Board. The Board did not receive federal non-cash assistance and did not participate in federal insurance or loan programs.
De Minimis Rate Used: N
Rate Explanation: The Board has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Reporting Entity
California Cherry Board’s (Board) Schedule of Expenditures of Federal Awards (Schedule) includes the activity of all federal award programs administered for the year ended March 31, 2023. California Cherry Board is organized under Section 58745 of the California Marketing Act, being Chapter 1, Part 2, and Division 21 of the Food and Agricultural Code of the State of California.
Basis of Presentation
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 the Board, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Board. The Board did not receive federal non-cash assistance and did not participate in federal insurance or loan programs.
Basis of Accounting
The expenditures for each of the federal financial assistance programs are presented in the Schedule on the accrual basis. This is the same basis the financial statements are presented. All expenditures represent reimbursement for expenses billed by a vendor.
Title: Indirect Cost Rate
Accounting Policies: 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 the Board, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Board. The Board did not receive federal non-cash assistance and did not participate in federal insurance or loan programs.
De Minimis Rate Used: N
Rate Explanation: The Board has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Board has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Relationship to Federal Financial Reports
Accounting Policies: 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 the Board, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Board. The Board did not receive federal non-cash assistance and did not participate in federal insurance or loan programs.
De Minimis Rate Used: N
Rate Explanation: The Board has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The regulations and guidelines governing the preparation of federal financial reports vary by federal agency and among programs administered by the same agency. Accordingly, the amounts reported in the federal financial reports do not necessarily agree with the amounts reported in the accompanying Schedule which is prepared on the basis explained in Note 1.