Notes to SEFA
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards (the
schedule) includes the federal award activity of the Corporation, and is presented on the accrual
basis of accounting. 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 the
Corporation, it is not intended to and does not present the financial position, changes in net assets,
or cash flows. Summary of Significant 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. The Corporation has elected not to use the 10-percent de minims
indirect cost rate allowed under the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected
not to use the 10-percent de minims indirect cost rate allowed under the Uniform Guidance.