Notes to SEFA
Title: Basis of Accounting
Accounting Policies: Basis of accounting
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards (the “Schedule”)
includes the federal grant activity of the Corporation and under programs of the federal government for
the year ended December 31, 2023. Expenditures reported on the Schedule are reported on the same basis
of accounting as the basic financial statements, although the basis for determining when federal awards
are expended 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). In addition, expenditures reported on the Schedule are recognized
following the cost principles contained in OMB circular, 2 CFR 200.420, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in
this Schedule may differ from amounts presented in, or used in the preparation of the basic financial
statements.
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, if applicable,
of the Corporation.
Title: Indirect Cost Rate
Accounting Policies: Basis of accounting
De Minimis Rate Used: N
Rate Explanation: N/A
The Corporation has not elected to use the 10 percent de minimis indirect cost rate
as allowed under the Uniform Guidance