Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. The amounts reported in these federal financial reports are prepared from records maintained for each program.
De Minimis Rate Used: N
Rate Explanation: The Association has not elected to use the 10-percent de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Cornell Cooperative Extension of Suffolk County (the “Association”) under programs of the Federal government for the year ended December 31, 2023. 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”). Because the Schedule presents only a selected portion of the operations of the Association, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Association.
Title: Basis of Accounting
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. The amounts reported in these federal financial reports are prepared from records maintained for each program.
De Minimis Rate Used: N
Rate Explanation: The Association has not elected to use the 10-percent de minimis indirect cost rate.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. The amounts reported in these federal financial reports are prepared from records maintained for each program. These records are periodically reconciled to the general ledger which is the source of the general purpose financial statements. 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.
Title: Indirect Costs
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. The amounts reported in these federal financial reports are prepared from records maintained for each program.
De Minimis Rate Used: N
Rate Explanation: The Association has not elected to use the 10-percent de minimis indirect cost rate.
The Association has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Matching Costs
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. The amounts reported in these federal financial reports are prepared from records maintained for each program.
De Minimis Rate Used: N
Rate Explanation: The Association has not elected to use the 10-percent de minimis indirect cost rate.
Matching costs (i.e. the Association’s share of certain program costs) are not included in the reported expenditures.
Title: Major Program Determination
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. The amounts reported in these federal financial reports are prepared from records maintained for each program.
De Minimis Rate Used: N
Rate Explanation: The Association has not elected to use the 10-percent de minimis indirect cost rate.
The Organization was deemed to be a “low-risk auditee”, therefore, major programs were determined based on 20% of total federal award expenditures.