Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures are reported on the schedule on the accrual basis of accounting. Such expenditures are recognized following the cost principles obtained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “SEFA”) includes the federal award activity of Practical Farmers of Iowa 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: Subrecipient Payments, Noncash Assistance, Insurance, and Loans or Loan Guarantees
Accounting Policies: Expenditures are reported on the schedule on the accrual basis of accounting. Such expenditures are recognized following the cost principles obtained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The purpose of the schedule is to present a summary of the Organization’s federal grant activity. There were no payments passed through to subrecipient agencies during the years ended September 30, 2023. In addition, there were no noncash assistance, insurance, or loans and loan guaranties outstanding as of and for the year ended September 30, 2023.