Notes to SEFA
Accounting Policies: Notes to Schedule of Expenditures of Federal AwardsNOTE A BASIS OF PRESENTATION The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of the Kentucky Center for Agriculture and Rural Development, Inc. (KCARD), under programs of the federal government for the year ended December 31, 2022. The information in this 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 KCARD, it is not intended and does not present the financial position, change in net assets, or cash flows of KCARD. NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed or are limited to reimbursement. NOTE C FEDERAL NON-CASH ASSISTANCEKCARD received no federal non-cash assistance for the year ended December 31, 2022. NOTE D INDIRECT COST RATE KCARD elected to use the 10% de minimis cost rate allowed under Uniform Guidance when the grant program and grant budget allow it.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.