Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Revenue is recognized when earned, and expenses are recognized when incurred. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through-entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not ot use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the federal award activity of the State College Borough Authority (the Authority) under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Awards (Uniform Guidance). Because the Schedule presents only a select portion of the operations of the Authority, it is not intended to and does not present the financial position, changes in net position or cash flows of the Authority.
Title: Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Revenue is recognized when earned, and expenses are recognized when incurred. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through-entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not ot use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance
With respect to Federal expenditures presented in the Schedule, State College Borough Authority did not provide any Federal awards to subrecipients.