Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Passed-through entity identifying numbers are presented where available.
Negative amounts shown on the schedule, if applicable, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The schedule of expenditures of federal awards (the SEFA) includes the federal grant activity of Penquis C.A.P., Inc. and its Affiliates (the Organization). The information in the SEFA is presented in accordance with the requirements of Title_x0005_2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the SEFA presents only a selected portion of the operations of the Organization, it is not intended to, and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: Other Disclosure
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Passed-through entity identifying numbers are presented where available.
Negative amounts shown on the schedule, if applicable, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization's consolidated financial statements include the operations of MaineStream Finance, which expended $1,274,478 in federal awards which is not included in the SEFA for the year ended September_x0005_30, 2023, as MaineStream Finance issued its own separately available SEFA.