Notes to SEFA
Title: BASIS OF PRESENTATION
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 Uniform Guidance or OMB Circular A-87, Cost
Principles for State and Local Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity number are presented where possible.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant
activity of the Somerset-Pulaski County Economic Development Authority, Inc and is presented on the
accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: CLUSTER PROGRAMS
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 Uniform Guidance or OMB Circular A-87, Cost
Principles for State and Local Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity number are presented where possible.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The Following ALN are considered cluster programs:
None were identified as cluster programs