Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance includes the grant activity of The Consortium of Florida Education Foundations, Inc. (the Consortium) for both federal awards and state projects and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance and requirements as per Chapter 10.650, Rules of the Auditor General. Therefore, some amounts presented in this schedule may differ from amounts presented or used in the preparation of the basic financial statements. These Federal Awards and State projects are subject to financial and compliance audits by grantor agencies which, if instances of material noncompliance are found, may result in disallowed expenditures and affect the Consortium’s continued participation in specific projects. The amount of expenditures which may be disallowed by the grantor agencies cannot be determined at this time, although the Consortium expects such amounts, if any to be immaterial.
De Minimis Rate Used: N
Rate Explanation: The Consortium does not elect to use the 10% de minimis indirect cost as covered in in §200.414, Indirect (F&A) costs, of the Uniform Guidance.