Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Federal Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: The Association uses either the 10% de minimis indirect cost rate for Federal awards or the rate established in the award agreements passed through the City and State of New York. The award agreement established rates ranged from 8% to 14.3% for the year ended December 31, 2023.
The accompanying Schedule of Expenditures of Federal Awards (the “Federal Schedule”) presents the activities of the federal financial assistance programs of the Association which have been financed by the U.S. Government. The information in this Federal 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). Therefore, some amounts presented in this Federal Schedule may differ from amounts presented in or used in preparation of the basic financial statements. All financial assistance received directly from federal agencies, as well as financial assistance passed through other governmental agencies or nonprofit organizations, are included on the Federal Schedule. Because the Federal Schedule presents only a selected portion of the activities of the Association, it is not intended to, and does not, present the financial position, changes in net assets or cash flows of the Association. The Assistance Listing Number and pass through entity identifying number or contract award numbers are presented where available and applicable.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Federal Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: The Association uses either the 10% de minimis indirect cost rate for Federal awards or the rate established in the award agreements passed through the City and State of New York. The award agreement established rates ranged from 8% to 14.3% for the year ended December 31, 2023.
Expenditures reported on the Federal Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain expenditures are not allowable or are limited as to reimbursement.
Title: Indirect Cost Rate Agreement
Accounting Policies: Expenditures reported on the Federal Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: The Association uses either the 10% de minimis indirect cost rate for Federal awards or the rate established in the award agreements passed through the City and State of New York. The award agreement established rates ranged from 8% to 14.3% for the year ended December 31, 2023.
The Association uses either the 10% de minimis indirect cost rate for Federal awards or the rate established in the award agreements passed through the City and State of New York. The award agreement established rates ranged from 8% to 14.3% for the year ended December 31, 2023.