Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. There were no negative amounts reported on the Schedule.
De Minimis Rate Used: N
Rate Explanation: COA has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying “Schedule of Expenditures of Federal Awards” (“Schedule”) includes the federal and other award activity of COA under programs of the federal government for the year ended March 31, 2024. 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. Because the schedule presents only a selected portion of the operations of COA, it is not intended to and does not present the net financial position, changes in net assets or cash flows of COA. All federal awards received directly from federal agencies as well as federal financial awards passed through other agencies are included on the schedule.