Notes to SEFA
Title: Subrecipients
Accounting Policies: Summary of Significant Accounting Policies - Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate - The Association was granted an indirect cost reimbursement rate of 28.30% in their "Non-Profit Rate Agreement" letter dated August 22, 2023.
The Association provided $1,731 ,015 in federal awards to subrecipients related to the Rural Health Best Practices Community Development Cooperative Agreement (CFDA 93.155)
Title: Additional Audits
Accounting Policies: Summary of Significant Accounting Policies - Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate - The Association was granted an indirect cost reimbursement rate of 28.30% in their "Non-Profit Rate Agreement" letter dated August 22, 2023.
Grantor and regulatory agencies reserve the right to conduct additional audits of the Association's grant programs. Such audits may result in disallowed costs to the Association. However, management does not believe that such audits would result in anydisallowed costs that would be material to the Association's financial position at December 31,2023 and 2022