Notes to SEFA
Title: Basis of Presentation
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 reimbursement.
De Minimis Rate Used: N
Rate Explanation: Daily Planet, Incorporated has elected not to use the 10% de minimis indirect cost rate.
The accompanying scheduled of expenditures of federal awards includes the federal grant activity of Daily Planet, Incorporated under the programs of the federal government for the year ended June 30, 2024. The information in this schedule is presented in accordance with Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a select portion of the operations of Daily Planet, Incorporated, it is not intended and does not present the financial position, changes in net assets, or cash flows of Daily Planet, Incorporated.
Title: Summary of Significant Accounting Policies
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 reimbursement.
De Minimis Rate Used: N
Rate Explanation: Daily Planet, Incorporated has elected not to use the 10% de minimis indirect cost rate.
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 reimbursement.
Title: Indirect Cost Rate
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 reimbursement.
De Minimis Rate Used: N
Rate Explanation: Daily Planet, Incorporated has elected not to use the 10% de minimis indirect cost rate.
Daily Planet, Incorporated has elected not to use the 10% de minimis indirect cost rate.