Notes to SEFA
Title: NOTE 1 - 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 the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited to reimbursement. Negative amounts shown on the schedule
represents adjustments or credit made in the normal course of business to amounts reported as
expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: Erie has elected to use the 10% de minimum indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant
activity of Erie 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 Erie, it is not intended to and does not present the financial position, changes in net assets,
or cash flows of Erie.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited to reimbursement. Negative amounts shown on the schedule
represents adjustments or credit made in the normal course of business to amounts reported as
expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: Erie has elected to use the 10% de minimum indirect cost rate as allowed under the 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 to reimbursement. Negative amounts shown on the schedule
represents adjustments or credit made in the normal course of business to amounts reported as
expenditures in prior years.
Title: NOTE 3 - LOAN OUTSTANDING
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 the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited to reimbursement. Negative amounts shown on the schedule
represents adjustments or credit made in the normal course of business to amounts reported as
expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: Erie has elected to use the 10% de minimum indirect cost rate as allowed under the Uniform Guidance.
Erie had no federal loan balances outstanding at June 30, 2024.
Title: NOTE 4 - NONCASH ASSISTANCE
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 the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited to reimbursement. Negative amounts shown on the schedule
represents adjustments or credit made in the normal course of business to amounts reported as
expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: Erie has elected to use the 10% de minimum indirect cost rate as allowed under the Uniform Guidance.
Erie neither received nor disbursed federal awards in the form of nonmonetary assistance for the year
ended June 30, 2024.
Title: NOTE 5 - SUBRECIPIENT AWARDS
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 the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited to reimbursement. Negative amounts shown on the schedule
represents adjustments or credit made in the normal course of business to amounts reported as
expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: Erie has elected to use the 10% de minimum indirect cost rate as allowed under the Uniform Guidance.
Erie had no federal expenditures provided to subrecipient awards during the year ended June 30, 2024.
Title: NOTE 6 - INDIRECT COST RATE
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 the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited to reimbursement. Negative amounts shown on the schedule
represents adjustments or credit made in the normal course of business to amounts reported as
expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: Erie has elected to use the 10% de minimum indirect cost rate as allowed under the Uniform Guidance.
Erie has elected to use the 10% de minimum indirect cost rate as allowed under the Uniform Guidance.