Notes to SEFA
Title: BASIS FOR PRESENTATION
Accounting Policies: EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. 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.
De Minimis Rate Used: N
Rate Explanation: UMC FOOD MINISTRY HAS NOT ELECTED TO USE THE 10% DE MINIMIS COST RATE ALLOWED UNDER UNIFORM GUIDANCE.
THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS INCLUDES THE FEDERAL GRANT ACTIVITY OF UMC FOOD MINISTRY AND IS PRESENTED ON THE ACCRUAL BASIS OF ACCOUNTING. THE INFORMATION IN THIS SCHEDULE IS PRESENTED IN ACCORDANCE WITH THE REQUIREMENTS OF TITLE 2 U.S. CODE OF FEDERAL REGULATIONS (CFR) PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS (UNIFORM GUIDANCE). THEREFORE, SOME AMOUNTS PRESENTED IN THIS SCHEDULE MAY DIFFER FROM AMOUNTS PRESENTED IN, OR USED IN THE PREPARATION OF THE BASIC FINANCIAL STATEMENTS.
Title: SUBRECIPIENTS
Accounting Policies: EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. 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.
De Minimis Rate Used: N
Rate Explanation: UMC FOOD MINISTRY HAS NOT ELECTED TO USE THE 10% DE MINIMIS COST RATE ALLOWED UNDER UNIFORM GUIDANCE.
UMC FOOD MINISTRY PROVIDED NO FEDERAL AWARDS TO SUBRECIPIENTS.