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: N
Rate Explanation: The board has not elected to use the de minimis rate.
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 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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: N
Rate Explanation: The board has not elected to use the de minimis rate.
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.