Notes to SEFA
Title: Note 1—Basis of presentation
Accounting Policies: Expenditures reported on the schedule are reported on the modified cash 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.
De Minimis Rate Used: N
Rate Explanation: MABAS has elected not to use the 10-percent de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Mutual Aid Box Alarm System (“MABAS”) 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”). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: Note 4—Noncash assistance
Accounting Policies: Expenditures reported on the schedule are reported on the modified cash 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.
De Minimis Rate Used: N
Rate Explanation: MABAS has elected not to use the 10-percent de minimis cost rate.
Noncash assistance expended by MABAS amounted to zero.
Title: Note 5—Loans or loan guarantees
Accounting Policies: Expenditures reported on the schedule are reported on the modified cash 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.
De Minimis Rate Used: N
Rate Explanation: MABAS has elected not to use the 10-percent de minimis cost rate.
During the year ended December 31, 2023, MABAS received no loans, loan guarantees or other federal assistance for the purpose of administering federal programs.
Title: Note 6—Other information
Accounting Policies: Expenditures reported on the schedule are reported on the modified cash 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.
De Minimis Rate Used: N
Rate Explanation: MABAS has elected not to use the 10-percent de minimis cost rate.
Insurance coverage in effect paid with federal funds during the fiscal year amounted to zero.