Notes to SEFA
Title: Basis of Accounting
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. 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 reimbursements. Chester County Opportunities Industrialization Centers, Inc. has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Election made by the auditee.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of African Cultural Alliance of North America and is presented on the accrual basis of accounting. The information in this schedule is presented inaccordance 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). Because the schedule presents only a selected portion of the operations ofAfrican Cultural Alliance of North America, it is not intended to and does not present the financial position, changes in net assets, or cash flows of African Cultural Alliance of North America.