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. Those federal programs presenting negative amounts on the Schedule are the result of adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: South Plains Community Action Association, Inc. has elected no to use the 10-percent de minimis indirect cost rate allowed under the Uniform Gudiance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of South Plains Community Action Association, Inc. for the year ended February 28, 2023. Matching costs, the nonfederal share of certain program costs, are not 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of South Plains Community Action Association, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of South Plains Community Action Association, Inc.
Title: PROGRAMS NOT SUBJECT TO TITLE 2 U.S. CFR PART 200
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. Those federal programs presenting negative amounts on the Schedule are the result of adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: South Plains Community Action Association, Inc. has elected no to use the 10-percent de minimis indirect cost rate allowed under the Uniform Gudiance.
The financial statements include federal funding received from certain programs which are not subject to continuing compliance requirements. For the year ended February 28, 2023, the financial statements include approximately $847,913 of Medicare/Medicaid federal funds which are not subject to the continuing compliance requirements of Title 2 U.S. CFR Part 200, and are not included in the Schedule.
Title: RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
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. Those federal programs presenting negative amounts on the Schedule are the result of adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: South Plains Community Action Association, Inc. has elected no to use the 10-percent de minimis indirect cost rate allowed under the Uniform Gudiance.
The regulations and guidelines governing the preparation of federal financial reports vary by federal agency and among programs administered by the same agency. Accordingly, the amounts reported in the federal financial reports do not necessarily agree with the amounts reported in the accompanying Schedule which is prepared on the basis explained in Note 1.