Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the grant activity of FMCS and is presented on the accrual basis of accounting. The information on this schedule is presented in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirement, Cost Principles, and Audit Requirements for federal awards. The amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: FMCS elected to not use the 10% de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards includes the grant activity of FMCS and is presented on the accrual basis of accounting. The information on this schedule is presented in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirement, Cost Principles, and Audit Requirements for federal awards. The amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the financial statements. FMCS elected to not use the 10% de minimis indirect cost rate.