Notes to SEFA
Title: NOTE A - GENERAL
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of the Chester County Economic Development Foundation. The information in this schedule is presented in accordance with the requirements Title 2 U.S. Code of Federal Regulations part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts present in, or used in the preparation of, the basic financial statements. The accompanying schedule of expenditures of federal awards is presented using 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 reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of the Chester County Economic Development Foundation. The Foundation reporting entity is defined in Note A to the Foundation's basic financial statements. Federal financial assistance received directly from federal agencies as well as federal financial assistance passed through other governmental agencies is included on the schedule.
Title: NOTE B - BASIS OF ACCOUNTING
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of the Chester County Economic Development Foundation. The information in this schedule is presented in accordance with the requirements Title 2 U.S. Code of Federal Regulations part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts present in, or used in the preparation of, the basic financial statements. The accompanying schedule of expenditures of federal awards is presented using 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 reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting, which is described in Note B to the Foundation's basic financial statements.
Title: NOTE C - FEDERAL EXPENDITURES
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of the Chester County Economic Development Foundation. The information in this schedule is presented in accordance with the requirements Title 2 U.S. Code of Federal Regulations part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts present in, or used in the preparation of, the basic financial statements. The accompanying schedule of expenditures of federal awards is presented using 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 reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The schedule of expenditures of federal awards reflects federal expenditures for all individual grants, which were active during the fiscal year.