Notes to SEFA
Title: (2) Relationship to Federal Financial Reports
Accounting Policies: (a) Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of the New York State Environmental Facilities Corporation (the Corporation) under programs of the federal government for the year ended March 31, 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 Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a select portion of the operations of the Corporation, it is not intended to, and does not, present the financial position, changes in financial position, or cash flows of the Corporation.
(b) Basis of Accounting
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principle contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
(c) Matching Costs
Matching costs, i.e., the nonfederal share of program costs, are not included in the accompanying Schedule.
De Minimis Rate Used: N
Rate Explanation: The Corporation has entered into a Cognizant Agency Negotiation Agreement with the United States Environmental Protection Agency, which includes the indirect cost rate to be utilized for the fiscal year ending March 31, 2024. Accordingly, the Corporation does not to utilize the 10% deminimus indirect cost rate allowed under the Uniform Guidance.
The regulations and guidelines governing preparation of federal financial reports do not match the accounting principles used by the Corporation to present amounts in the Schedule. Accordingly, the amounts reported in the federal financial reports do not necessarily agree with the amounts reported in the accompanying Schedule which is prepared on the basis explained in note 1(b).