Notes to SEFA
Title: Basis of Presentation
Accounting Policies: (1) Basis of Presentation - See Form for Detail, (2) Summary of Significant Accounting Policies - See Form for Detail.
De Minimis Rate Used: N
Rate Explanation: See notes to the SEFA in the financial statements.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Three Rivers Regional Commission (the Commission) under programs of the federal government for the fiscal 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 Administration Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Commission, it is not intended to and does not present the financial position, changes in net position or cash flows of Three Rivers Regional Commission.
Title: Summary of Significant Accounting Policies
Accounting Policies: (1) Basis of Presentation - See Form for Detail, (2) Summary of Significant Accounting Policies - See Form for Detail.
De Minimis Rate Used: N
Rate Explanation: See notes to the SEFA in the financial statements.
Expenditures reported on the Schedule are reported on the modified 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: Indirect Cost Rate
Accounting Policies: (1) Basis of Presentation - See Form for Detail, (2) Summary of Significant Accounting Policies - See Form for Detail.
De Minimis Rate Used: N
Rate Explanation: See notes to the SEFA in the financial statements.
The Commission develops and maintains on file an indirect cost proposal in accordance with the requirements of OMB Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (codified at 2 C.F.R. Part 200). All costs included in this proposal are properly allocable to Federal awards on the basis of a beneficial or causal relationship between the expenses incurred and the agreements to which they are allocated in accordance with applicable requirements. Further, the same costs that have been treated as indirect costs have not been claimed as direct costs. Unallowable costs have been adjusted for in allocating costs as indicated in the cost allocation plan.
Title: Indirect Cost Rate (Continued)
Accounting Policies: (1) Basis of Presentation - See Form for Detail, (2) Summary of Significant Accounting Policies - See Form for Detail.
De Minimis Rate Used: N
Rate Explanation: See notes to the SEFA in the financial statements.
The Commission utilizes a provisional indirect cost rate based upon anticipated future costs. Indirect costs are pooled in the Internal Service Fund, adjusted to actual on a monthly basis, and allocated to grants / projects by applying the indirect rate to the direct cost base of total direct salaries and respective benefits.