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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: SECOORA was not permitted to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance for federal grants which existed prior to the fiscal year ended June 30, 2022. SECOORA became eligible to use the new 10% de minimis indirect cost rate during fiscal year ended June 30, 2022, which will be applied on the new IOOS grant for the term through May 2026.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of SECOORA 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 SECOORA, it is not intended to and does not represent the financial position, changes in net assets, or cash flows of SECOORA.