Notes to SEFA
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: NOTE A - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards includes the federal grant activity of theNorthwest Pennsylvania Industrial Resource Center, Inc. and is presented on the accrual basis ofaccounting. The information in this Schedule is presented in accordance with the requirements of Title2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Priniples,and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents onlya selected portion of the operations of the Northwest Pennsylvania Industrial Resource Center, Inc., it isnot intended to and does not present the financial position, changes in net assets, or cash flows of theNorthwest Pennsylvania Industrial Resource Center, Inc.
De Minimis Rate Used: N
Rate Explanation: NOTE E - INDIRECT COST RATE Northwest Pennsylvania Industrial Resource Center, Inc. has not elected to use the 10 percent deminimis 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: NOTE C - RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: NOTE A - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards includes the federal grant activity of theNorthwest Pennsylvania Industrial Resource Center, Inc. and is presented on the accrual basis ofaccounting. The information in this Schedule is presented in accordance with the requirements of Title2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Priniples,and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents onlya selected portion of the operations of the Northwest Pennsylvania Industrial Resource Center, Inc., it isnot intended to and does not present the financial position, changes in net assets, or cash flows of theNorthwest Pennsylvania Industrial Resource Center, Inc.
De Minimis Rate Used: N
Rate Explanation: NOTE E - INDIRECT COST RATE Northwest Pennsylvania Industrial Resource Center, Inc. has not elected to use the 10 percent deminimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures to federal awards are reported as incurred. They are included in the financial statements as expenses in the various classifications.
Title: NOTE D - FEDERAL EXPENDITURES
Accounting Policies: NOTE A - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards includes the federal grant activity of theNorthwest Pennsylvania Industrial Resource Center, Inc. and is presented on the accrual basis ofaccounting. The information in this Schedule is presented in accordance with the requirements of Title2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Priniples,and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents onlya selected portion of the operations of the Northwest Pennsylvania Industrial Resource Center, Inc., it isnot intended to and does not present the financial position, changes in net assets, or cash flows of theNorthwest Pennsylvania Industrial Resource Center, Inc.
De Minimis Rate Used: N
Rate Explanation: NOTE E - INDIRECT COST RATE Northwest Pennsylvania Industrial Resource Center, Inc. has not elected to use the 10 percent deminimis indirect cost rate as allowed under the Uniform Guidance.
For purposes of the Schedule, the identification of funds as federal and nonfederal is made by the grantors.