Notes to SEFA
Title: significant accounting policy
Accounting Policies: The financial statements of the Agency reflect the accrual method of accounting in conformity with Accounting Principles Generally Accepted in the United States of America (GAAP). Net assets are classified based on the existence or absence of donor or grantor-imposed restrictions. as temporary and unrestricted because the Agency does not receive any private or designated donations and supports. Accordingly, net assets and changes therein are classified and reported as follows: Without Donor Restrictions- Net assets available for use in general operations and not subject to donor restrictions, With Donor Restrictions – Net assets subject to donor imposed restrictions. Some Donor-imposed restrictions are temporary in nature, such as those that will be met by the passage of time or other events specified by the donor. Other donor-imposed restrictions re perpetual in nature, where the donor stipulates the resources be maintained in perpetuity. Donor-imposed restrictions are releases when a restriction expires, that is, when the stipulated time has elapsed, when the stipulate purpose for which the resource was restricted has been fulfilled, or both.
De Minimis Rate Used: N
Rate Explanation: The reimbursement rate is alrady fixed before requesting reimbursement.
GAAP & GOVERNMENT ACCOUNTING