Notes to SEFA
Accounting Policies: Note 1 - Basis of presentationThe accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Greenwich Communities under programs of the federal government for the year ended December 31, 2022. 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 Greenwich Communities, it is not intended to and does not present the financial position, changes in net position, or cash flows of Greenwich Communities.
De Minimis Rate Used: N
Rate Explanation: Note 2 - Summary of significant accounting policiesExpenditures 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. Greenwich Communities has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.