Notes to SEFA
Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activityof Maui Economic Opportunity, Inc. (MEO) and is presented on the accrual basis of accounting. Theinformation in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirementsfor Federal Awards (Uniform Guidance). Therefore, certain amounts presented in this Schedule may differfrom amounts presented in, or used in the preparation of the financial statements. Because the Schedulepresents only a selected portion of the operations of MEO, it is not intended to and does not present thefinancial position, changes in net assets, or cash flows of MEO.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe expenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement. In addition, pass-throughentity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.