Title: NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 OMB Title 2 U.S. Code of Federal Regulations,
(CFR) Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements of Federal
Awards, Circular A-122, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10 percent de minimus indirect cost rate as allowed under the
Uniform Guidance.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in OMB Title 2 U.S. Code of Federal Regulations,
(CFR) Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements of Federal
Awards, Circular A-122, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
Title: NOTE 2 – BASIS OF ACCOUNTING
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 OMB Title 2 U.S. Code of Federal Regulations,
(CFR) Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements of Federal
Awards, Circular A-122, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10 percent de minimus indirect cost rate as allowed under the
Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activities of the
Project and is presented on the accrual basis of accounting. The information in the 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 of Federal Awards, is presented for
purposes of additional analysis and is not a required part of the financial statements. Because the schedule
presents only a selected portion of the operations of the Project, it is not intended to and does not present
the financial position, changes in net assets or cash flows of the Project.
Title: NOTE 3 – FEDERAL INDIRECT RATE
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 OMB Title 2 U.S. Code of Federal Regulations,
(CFR) Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements of Federal
Awards, Circular A-122, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10 percent de minimus indirect cost rate as allowed under the
Uniform Guidance.
The Project has elected not to use the 10 percent de minimus indirect cost rate as allowed under the
Uniform Guidance.
Title: NOTE 4 – CAPITAL ADVANCE
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 OMB Title 2 U.S. Code of Federal Regulations,
(CFR) Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements of Federal
Awards, Circular A-122, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10 percent de minimus indirect cost rate as allowed under the
Uniform Guidance.
The federal loan program listed on the Schedule is administered directly by the Project and balances and
transactions relating to this program are included in the Project’s financial statements. Loans outstanding at
the beginning of the year are included in the federal expenditures presented in the Schedule. No loans
were made during the year.