Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Reporting Entity - The Buy California Marketing Agreement (the Organization) Schedule of Expenditures of Federal Awards (Schedule) includes the activity of all federal award programs administered by the Organization. The Buy California Marketing Agreement is organized under Section 58745 of the California Marketing Act, being Chapter 1, Part 2, and Division 21 of the Food and Agricultural Code of the State of California. Basis of Presentation - The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Buy California Marketing Agreement under programs of the federal government for the year ended June 30, 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 Buy California Marketing Agreement, it is not intended to and does not present the financial position in net assets, or cash flows of the Buy California Marketing Agreement. Basis of Accounting - Expenditures reported on 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 expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Buy California Marketing Agreement has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. They use GAAP.
Reporting Entity - The Buy California Marketing Agreement (the Organization) Schedule of Expenditures of Federal Awards (Schedule) includes the activity of all federal award programs administered by the Organization. The Buy California Marketing Agreement is organized under Section 58745 of the California Marketing Act, being Chapter 1, Part 2, and Division 21 of the Food and Agricultural Code of the State of California. Basis of Presentation - The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Buy California Marketing Agreement under programs of the federal government for the year ended June 30, 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 Buy California Marketing Agreement, it is not intended to and does not present the financial position in net assets, or cash flows of the Buy California Marketing Agreement. Basis of Accounting - Expenditures reported on 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 expenditures are not allowable or are limited to reimbursement.
Title: INDIRECT COST RATE
Accounting Policies: Reporting Entity - The Buy California Marketing Agreement (the Organization) Schedule of Expenditures of Federal Awards (Schedule) includes the activity of all federal award programs administered by the Organization. The Buy California Marketing Agreement is organized under Section 58745 of the California Marketing Act, being Chapter 1, Part 2, and Division 21 of the Food and Agricultural Code of the State of California. Basis of Presentation - The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Buy California Marketing Agreement under programs of the federal government for the year ended June 30, 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 Buy California Marketing Agreement, it is not intended to and does not present the financial position in net assets, or cash flows of the Buy California Marketing Agreement. Basis of Accounting - Expenditures reported on 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 expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Buy California Marketing Agreement has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. They use GAAP.
The Buy California Marketing Agreement has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: Reporting Entity - The Buy California Marketing Agreement (the Organization) Schedule of Expenditures of Federal Awards (Schedule) includes the activity of all federal award programs administered by the Organization. The Buy California Marketing Agreement is organized under Section 58745 of the California Marketing Act, being Chapter 1, Part 2, and Division 21 of the Food and Agricultural Code of the State of California. Basis of Presentation - The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Buy California Marketing Agreement under programs of the federal government for the year ended June 30, 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 Buy California Marketing Agreement, it is not intended to and does not present the financial position in net assets, or cash flows of the Buy California Marketing Agreement. Basis of Accounting - Expenditures reported on 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 expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Buy California Marketing Agreement has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. They use GAAP.
The regulations and guidelines governing the preparation of federal financial reports vary by federal agency and among programs administered by the same agency. Accordingly, the amounts reported in the federal financial reports do not necessarily agree with the amounts reported in the accompanying Schedule which is prepared on the basis explained in Note 1.