Notes to SEFA
Title: NOTE 1 - SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Accounting Policies: Accrual Basis
De Minimis Rate Used: Y
Rate Explanation: The Association elected to use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes federal grant activity of the Association and is presented under the accrual basis of accounting. The May 2023 Edition of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance) requires a disclosure of the financial activities of all federally funded programs. This schedule was prepared to comply with the Uniform Guidance and state requirements. Therefore, some amounts presented in this schedule may differ from amounts used in the preparation of the general-purpose financial statements. The Association elected to use the 10% de minimis cost rate.