Notes to SEFA
Title: General Information
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditres are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimburesment. The amounts reported in the Schedule as expenditures may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Organization uses an indirect rate based on a negotiated rate with the pass-through entities.
The accompanying schedule of expenditures of federal awards (the Schedule) presents the activities in all of the federal award programs of the Organization. All federal awards received directly from federal agencies as well as awards passed through other goveranmental agencies or not-for-profit organizations are included on the Schedule. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Title: Relationship to Basic Financial Statements
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditres are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimburesment. The amounts reported in the Schedule as expenditures may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Organization uses an indirect rate based on a negotiated rate with the pass-through entities.
Federal award expenditures are reported on the statement of activites. In certain programs, the expenditures reported in the financial statements may differ from the expeditures reported in the Schedule because not all expenditures are required to be reported on the Schedule.