Notes to SEFA
Accounting Policies: Note 1 - Basis of Presentation
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Region 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 the Region, it is not intended to and does not present the financial position, changes in net position or cash flows of the Region.
Note 2 - Summary of Significant Accounting Policies
Expenditures reported on the Schedule are reported on the accrual basis of accounting except for subrecipient expenditures, which are recorded on the cash basis. 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: Y
Rate Explanation: Note 3 - U.S. Indirect Cost Rate
The Region has elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.