Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes all federal grant activity of Pacific Fishery Management Council 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 the 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 Pacific Fishery Management Council, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Pacific Fishery Management Council.
De Minimis Rate Used: N
Rate Explanation: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pacific Fishery Management Council has elected not to use the 10percent de minimis indirect cost rate as allowed under the Uniform Guidance.