Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Metropolitan
Inter-Faith Association and is presented on the accrual basis of accounting. The information in the 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”).
Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the
presentation of, the basic financial statements. 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: N
Rate Explanation: The Association has not elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.