Notes to SEFA
Title: GENERAL INFORMATION
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using 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 to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Maryland Humanities Council, Inc. has not elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards presents the activities in all the federal financial assistance programs of the Maryland Humanities Council, Inc. All financial assistance received directly from federal agencies as well as federal financial assistance passed through other governmental agencies or nonprofit organizations are included in the schedule.
Title: RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using 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 to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Maryland Humanities Council, Inc. has not elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
Federal awards expenditures reported in the basic financial statements may differ from the expenditures reported in the schedule of expenditures of federal awards due to the expenditures exceeding grant or contract budget limitations which are not included as federal awards.