Notes to SEFA
Title: NOTE 1 - GENERAL
Accounting Policies: expense recognition and classification policies were applied as part of the Organizations internal controls to generate the SEFA
De Minimis Rate Used: Y
Rate Explanation: See notes in form
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Native American Development Corporation under programs of the federal government for the year ended September 30, 2023 The information in this schedule is presented in accordance with requirements of the 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 Native American Development Corporation, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of Native American Development Corporation.
Title: NOTE 2 - BASIS OF PRESENTATION
Accounting Policies: expense recognition and classification policies were applied as part of the Organizations internal controls to generate the SEFA
De Minimis Rate Used: Y
Rate Explanation: See notes in form
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. Pass-through entity identifying numbers are presented where available.
Title: NOTE 3 - BASIS OF PRESENTATION
Accounting Policies: expense recognition and classification policies were applied as part of the Organizations internal controls to generate the SEFA
De Minimis Rate Used: Y
Rate Explanation: See notes in form
Native American Development Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The Organization instead uses a provisional rate of 25.60% based on total direct costs less any capital expenditures.