Notes to SEFA
Title: NOTE 1 – GENERAL
Accounting Policies: The accompanying SEFA is presented using the accrual basis of accounting, which is described in Note 1 of the Authority’s
financial statements. Expenditures reported on the SEFA are reported on the modified 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 Authority has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs
of San Joaquin Valley Insurance Authority (the Authority). Federal awards received directly from federal agencies, as well
as federal awards passed through other government agencies are included in the schedule. 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).
Title: NOTE 2 – BASIS OF ACCOUNTING
Accounting Policies: The accompanying SEFA is presented using the accrual basis of accounting, which is described in Note 1 of the Authority’s
financial statements. Expenditures reported on the SEFA are reported on the modified 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 Authority has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
The accompanying SEFA is presented using the accrual basis of accounting, which is described in Note 1 of the Authority’s
financial statements. Expenditures reported on the SEFA are reported on the modified 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.
Title: NOTE 3 – RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: The accompanying SEFA is presented using the accrual basis of accounting, which is described in Note 1 of the Authority’s
financial statements. Expenditures reported on the SEFA are reported on the modified 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 Authority has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
Federal award expenditures agree or can be reconciled with the amounts reported in the Authority’s basic financial
statements.
Title: NOTE 4 – INDIRECT COST RATE
Accounting Policies: The accompanying SEFA is presented using the accrual basis of accounting, which is described in Note 1 of the Authority’s
financial statements. Expenditures reported on the SEFA are reported on the modified 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 Authority has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
The Authority has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
Title: NOTE 5 – PASS-THROUGH ENTITIES’ IDENTIFYING NUMBER
Accounting Policies: The accompanying SEFA is presented using the accrual basis of accounting, which is described in Note 1 of the Authority’s
financial statements. Expenditures reported on the SEFA are reported on the modified 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 Authority has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
When federal awards were received from a pass-through entity, the Schedule of Expenditures of Federal Awards shows, if
available, the identifying number assigned by the pass-through entity. When no identifying number is shown, the
Authority determined that no identifying number is assigned for the program, or the Authority was unable to obtain an
identifying number from the pass-through entity.