Title: BASIS OF PRESENTATION
Accounting Policies: THE SEFA WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: The Agency did not receive any federal noncash assistance for the year ending October 31, 2023.
The accompanying schedule of expenditures of federal awards (the SEFA) summarizes the federal expenditures of the Agency under programs of the federal government for the year ended October 31, 2023. The amount reported as federal expenditures were obtained from the Agency’s general ledger. Because the SEFA presents only a selected portion of the operations of the Agency, it is not intended to and does not present the financial position, changes in net assets and cash flows of the Agency.
Title: BASIS OF PRESENTATION
Accounting Policies: THE SEFA WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: The Agency did not receive any federal noncash assistance for the year ending October 31, 2023.
For purposes of the SEFA, federal awards include all grants, contracts, and similar agreements entered into directly with the federal government and other pass-through entities. The Agency has obtained Assistance Listing numbers to ensure that all programs have been identified in the SEFA. Assistance Listing numbers have been appropriately listed by applicable programs. Federal programs with different Assistance Listing numbers that are closely related because they share common compliance requirements are defined as a cluster by the Uniform Guidance.
Title: RELATIONS OF THE SCHEDULE TO PROGRAM FINANCIAL REPORTS
Accounting Policies: THE SEFA WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: The Agency did not receive any federal noncash assistance for the year ending October 31, 2023.
The amounts reflected in the financial reports submitted to the awarding federal and/or pass-through agencies and the SEFA for the year end may differ. Some of the factors that may account for any differences include the following:
Title: RELATIONS OF THE SCHEDULE TO PROGRAM FINANCIAL REPORTS
Accounting Policies: THE SEFA WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: The Agency did not receive any federal noncash assistance for the year ending October 31, 2023.
· The Agency’s fiscal year end may differ from the program’s year end.
Title: RELATIONS OF THE SCHEDULE TO PROGRAM FINANCIAL REPORTS
Accounting Policies: THE SEFA WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: The Agency did not receive any federal noncash assistance for the year ending October 31, 2023.
· Accruals recognized in the SEFA, because of year end procedures, may not be reported in the program financial reports until the next program reporting period.
Title: RELATIONS OF THE SCHEDULE TO PROGRAM FINANCIAL REPORTS
Accounting Policies: THE SEFA WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: The Agency did not receive any federal noncash assistance for the year ending October 31, 2023.
· Fixed asset purchased and the resultant depreciation charges are recognized as fixed assets in the Agency’s financial statements and as expenditures in the program financial reports.
Title: BASIS OF ACCOUNTING
Accounting Policies: THE SEFA WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: The Agency did not receive any federal noncash assistance for the year ending October 31, 2023.
This SEFA was prepared on the accrual basis of accounting.
Title: NONCASH ASSISTANCE
Accounting Policies: THE SEFA WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: The Agency did not receive any federal noncash assistance for the year ending October 31, 2023.
The Agency did not receive any federal noncash assistance for the year ending October 31, 2023.
Title: COST RATE
Accounting Policies: THE SEFA WAS PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: The Agency did not receive any federal noncash assistance for the year ending October 31, 2023.
The Agency elected not to use the 10% de minimis cost rate.