Notes to SEFA
Title: SUBRECIPIENTS, NON-CASH ASSISTANCE, FEDERAL INSURANCE, LOANS, GUARANTEES
Accounting Policies: THE INFORMATION ON THIS SCHEDULE IS PRESENTED IN ACCORDANCE WITH THE REQUIREMENTS OF TITEL 2 US CODE OF FEDERAL REGULATION PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS. BECAUSE THE SCHEDULE PRESENTS ONLY A SELECTED PORTION OF THE OPERATIONS OF ATHENS LAND TRUST, INC, IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, CHANGES IN NET ASSETS, OR CASH FLOWS OF ATHENS LAND TRUST, INC. EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
ATHENS LAND TRUST, INC DID NOT PROVIDE ANY FEDERAL FUNDS TO SUBRECIPIENTS NOR DID THEY RECEIVE ANY FEDERAL NON-CASH ASSISTANCE, INSURANCE, OR LOAN GUARANTEES.