Notes to SEFA
Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Scheduele are reported on the accrual basis of accounting. Such expenditures are recognixed following the cost principles contacined in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursment.
De Minimis Rate Used: Y
Rate Explanation: Advancing Connecticut Together, Inc. has elected to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of Advancing Connecticut Together, Inc. 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 Advancing Connecticut Together, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Advancing Connecticut Together, Inc.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Scheduele are reported on the accrual basis of accounting. Such expenditures are recognixed following the cost principles contacined in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursment.
De Minimis Rate Used: Y
Rate Explanation: Advancing Connecticut Together, Inc. has elected to use the 10% de minimis indirect cost rate.
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 as to reimbursement.
Advancing Connecticut Together, Inc. has elected to use the 10% de minimis indirect cost rate.