Notes to SEFA
Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Board and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts may differ from amounts presented in or used in the preparation of the financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Authority has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Board and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts may differ from amounts presented in or used in the preparation of the financial statements.
Title: NOTE B – DE MINIMIS INDIRECT RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Board and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts may differ from amounts presented in or used in the preparation of the financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Authority has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Authority has elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.