Notes to SEFA
Title: NOTE A -- BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity
of Panhandle Community Services and presents expenditures on the accrual basis of
accounting, except for subsidy programs, which follows REAC PHA - Financial Accounting
Brief, which defines a Federal expenditure expended for single audit purposes as when meeting eligibility
requirements. The information in this schedule is presented in accordance with the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: NONE
The accompanying schedule of expenditures of federal awards includes the federal grant activity
of Panhandle Community Services and presents expenditures on the accrual basis of
accounting, except for subsidy programs, which follows REAC PHA - Financial Accounting
Brief, which defines a Federal expenditure expended for single audit purposes as when meeting eligibility
requirements. The information in this schedule is presented in accordance with the Uniform Guidance.
Title: NOTE B -- INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity
of Panhandle Community Services and presents expenditures on the accrual basis of
accounting, except for subsidy programs, which follows REAC PHA - Financial Accounting
Brief, which defines a Federal expenditure expended for single audit purposes as when meeting eligibility
requirements. The information in this schedule is presented in accordance with the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: NONE
Panhandle Community Services did not elect to use the 10% de minimis cost rate, as it does not qualify.