Notes to SEFA
Title: Relationship to Financial Statements
Accounting Policies: General
The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal
awards programs of The Southeast Conference and Subsidiary. The information in the SEFA 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). The Southeast Conference and Subsidiary's reporting entity is defined in Note 1 of The
Southeast Conference and Subsidiary's consolidated financial statements. Federal awards received
directly from federal agencies or passed through agencies of the State of Alaska or other non-federal
agencies are included in the SEFA.
Basis of Accounting
Expenditures reported on the SEFA are presented using the accrual basis of accounting, which is described
in Note 2 of The Southeast Conference and Subsidiary's financial statements. 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. The Southeast Conference and
Subsidiary has elected to use the ten percent de-minimis indirect cost rate as allowed under the Uniform
Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Southeast Conference and
Subsidiary has elected to use the ten percent de-minimis indirect cost rate as allowed under the Uniform
Guidance.
The following is a reconciliation of federal government revenues reported in The Southeast Conference
and Subsidiary's consolidated financial statements to expenditures reported in the Schedule of
Expenditures of Federal Awards:
As reported in the Consolidated Statements of Activities:
Grants and contracts from the Federal government $ 5,394,602
Less: Contracts from federal governmental agencies (37,794)
Total federal expenditures as reported on the Schedule of Expenditures
of Federal Awards $ 5,356,808