Notes to SEFA
Title: Note 1—Basis of presentation
Accounting Policies: Expenditures reported in 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 expenditure are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Company did not use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the North Carolina Trucking Association Foundation (the “Foundation”) under the Coronavirus State and Local Fiscal Recovery Grant Program of the U.S. Department of Treasury for the year ended December 31, 2023. The information in the Schedule is presented in accordance with the 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 the Foundation, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Foundation.
Title: Note 3—Subsequent events
Accounting Policies: Expenditures reported in 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 expenditure are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Company did not use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Foundation has evaluated subsequent events through June 26, 2024, in connection with the preparation of the Schedule, which is the date the Schedule was available to be issued.