Notes to SEFA
Accounting Policies: A summary of the significant accounting policies applied in the preparation of the accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance follows:
(a) Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance has been presented on a basis of funding source (grantor agency).
(b) Basis of Accounting
The Schedule of Expenditures of Federal Awards and State Financial Assistance is prepared using the accrual basis of accounting for federal awards and state financial assistance. Under the accrual basis of accounting, revenues are generally recognized when they are earned. Usually, the expenditure is the prime factor in determining eligibility as revenue and is recognized when the expenditure is made.
(d) Subrecipients
Of the federal expenditures presented in the Schedule, the Organization provided no awards to subrecipients.
De Minimis Rate Used: Y
Rate Explanation: ( c) Indirect Cost Rate
The Organization has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.