Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Bering Sea Fishermen's Association under programs of the federal government for the year ended June 30, 2024. 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). Because the Schedule presents only a selected portion of the operations of Bering Sea Fishermen's Association, it is not intended to and does not represent the financial position, change in net assets or cash flows of Bering Sea Fishermen's Association. Bering Sea Fishermen's Association has elected to not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. Expenditures reported on the Schedule are reported on the full 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Deferred revenue in the amount of $28,231 is related to the Pacific Coast Salmon Recovery Pacific Salmon Treaty Programs: Arctic Yukon-Kuskokwim Tribal Research and Restoration Program.
De Minimis Rate Used: N
Rate Explanation: other