Notes to SEFA
Title: Note 1-Purpose of Schedule
Accounting Policies: See notes. The schedule is prepared on the accrual basis of accounting and includes all of the federal grant activity for the year end.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the 10% De Minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) is a supplementary schedule to Pacific Shellfish Institute’s (PSI’s) financial statements and is presented for purposes of additional analysis. Because the Schedule presents only a selected portion of the activities of PSI, it does not present the financial position, changes in financial position, or the revenues and expenditures of PSI
Title: Note 2-Reporting Entity
Accounting Policies: See notes. The schedule is prepared on the accrual basis of accounting and includes all of the federal grant activity for the year end.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the 10% De Minimis cost rate.
The reporting entity is described in Note A to PSI’s financial statements. The Schedule includes all federal programs administered by PSI for the fiscal year ended August 31, 2023.
Title: Note 3-Basis of Accounting
Accounting Policies: See notes. The schedule is prepared on the accrual basis of accounting and includes all of the federal grant activity for the year end.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the 10% De Minimis cost rate.
This schedule is prepared on the same basis of accounting as PSI’s financial statements. PSI uses the accrual basis of accounting for financial reporting purposes.
Title: Note 4-De Minimus Cost Rate
Accounting Policies: See notes. The schedule is prepared on the accrual basis of accounting and includes all of the federal grant activity for the year end.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the 10% De Minimis cost rate.
PSI did not use the 10% de-minimis cost rate
Title: Note 5-Basis of Presentation
Accounting Policies: See notes. The schedule is prepared on the accrual basis of accounting and includes all of the federal grant activity for the year end.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the 10% De Minimis cost rate.
The information in the Schedule is presented in accordance with Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards 2 CFR 200 (Uniform Guidance).