Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Grant revenues are recorded for financial reporting purposes when the Commission has met the qualifications for the respective grants.
De Minimis Rate Used: N
Rate Explanation: The Commission uses an indirect cost rate which has been established by the Federal Emergency Organization for managing the Public Assistance awards, and has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Audubon Commission (the Commission) for the year ended December 31, 2023. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Commission, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Commission.
Title: Reconciliation to the Financial Statements
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Grant revenues are recorded for financial reporting purposes when the Commission has met the qualifications for the respective grants.
De Minimis Rate Used: N
Rate Explanation: The Commission uses an indirect cost rate which has been established by the Federal Emergency Organization for managing the Public Assistance awards, and has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Total expenditures per the Schedule and total federal grant revenues included in intergovernmental grants per the statement of revenues, expenses and changes in net position are $5,284,063 for the year ended December 31, 2023.