Notes to SEFA
Title: Basis Of Presentation
Accounting Policies: The foregoing schedule of expenditures of federal awards includes the federal grant activity of the American Sheep Industry Association, Inc., and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with requirements of 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 presented in, or used in, the preparation of the consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: American Sheep Industry Association, Inc. has not elected to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance, Section 414.
The foregoing schedule of expenditures of federal awards includes the federal grant activity of the American Sheep Industry Association, Inc., and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with requirements of 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 presented in, or used in, the preparation of the consolidated financial statements.
Title: Indirect Costs
Accounting Policies: The foregoing schedule of expenditures of federal awards includes the federal grant activity of the American Sheep Industry Association, Inc., and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with requirements of 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 presented in, or used in, the preparation of the consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: American Sheep Industry Association, Inc. has not elected to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance, Section 414.
American Sheep Industry Association, Inc. has not elected to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance, Section 414.