Notes to SEFA
Title: Federal Indirect Cost Rate(s)
Accounting Policies: This Schedule is prepared on the same basis of accounting as the Authority’s financial statements. The Authority uses the Cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Authority uses an indirect cost rate of 3% to attribute indirect costs to ineligible programs of awarded federal funding.
The Authority uses an indirect cost rate of 3% to attribute indirect costs to ineligible programs of awarded federal funding.
Title: Program Costs
Accounting Policies: This Schedule is prepared on the same basis of accounting as the Authority’s financial statements. The Authority uses the Cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Authority uses an indirect cost rate of 3% to attribute indirect costs to ineligible programs of awarded federal funding.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the Authority’s portion, are more than shown. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.