Notes to SEFA
Title: Basis of Presentation
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the modified accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in
the Uniform Guidance and Cost Principles for State, Local and Indian Tribal Governments,
wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
(2) Gem Prep: Pocatello, LLC has elected not to use the 10 percent de minimis indirect cost
rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Gem Prep: Pocatello, LLC has elected not to use the 10 percent de minimis indirect cost
rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal award activity of Gem Prep: Pocatello, LLC, under programs of the federal government
for the year ended June 30, 2024. 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 Gem Prep: Pocatello, LLC, it is not intended to and does not present the financial position,
changes in net assets, or cash flows of Gem Prep: Pocatello, LLC.
Title: Summary of Significant Accounting Policies
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the modified accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in
the Uniform Guidance and Cost Principles for State, Local and Indian Tribal Governments,
wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
(2) Gem Prep: Pocatello, LLC has elected not to use the 10 percent de minimis indirect cost
rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Gem Prep: Pocatello, LLC has elected not to use the 10 percent de minimis indirect cost
rate as allowed under the Uniform Guidance.
(1) Expenditures reported on the Schedule are reported on the modified accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in
the Uniform Guidance and Cost Principles for State, Local and Indian Tribal Governments,
wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
(2) Gem Prep: Pocatello, LLC has elected not to use the 10 percent de minimis indirect cost
rate as allowed under the Uniform Guidance.
Title: Sub-Recipients
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the modified accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in
the Uniform Guidance and Cost Principles for State, Local and Indian Tribal Governments,
wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
(2) Gem Prep: Pocatello, LLC has elected not to use the 10 percent de minimis indirect cost
rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Gem Prep: Pocatello, LLC has elected not to use the 10 percent de minimis indirect cost
rate as allowed under the Uniform Guidance.
There were no awards passed through to sub-recipients.