Notes to SEFA
Title: Note 1. Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Organizations have not elected to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal award activity of the Organizations under programs of the Federal government for the year ended June 30, 2024. 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 for Federal Awards (Uniform Guidance).
The Schedule presents only a selected portion of the operations of the Organizations; accordingly, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organizations.
Title: Note 2. Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Organizations have not elected to use the 10-percent de minimis indirect cost rate as allowed under 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Organizations have not elected to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.
Title: Note 3. Reconciliation to Statement of Functional Expenses
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Organizations have not elected to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.
Following is a reconciliation of the expenses reported on the Schedule to the expenses shown on the Statement of Functional Expenses:
Granting Agency
National
Agricultural
Statistics
Service
Foreign
Agricultural
Service
Total Per Statement of Functional Expenses $ 26,938,377 $ 6,827,663
Plus: Management Fees and Sponsorships 1,515,610 486,211
Less: Indirect Costs Not Charged (42,360) (69,229)
Less: Direct Costs Not Charged (404,601) (1,541,689)
Total Expenses per the Schedule $ 28,007,026 $ 5,702,956