Notes to SEFA
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Corporation
has elected not 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 "Schedule") includes the federal award
activity of the Corporation under programs of the federal government for the year ended December 31,
2023. 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 of the Corporation.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. The Corporation
has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal
Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.