Notes to SEFA
Title: NOTE C - RECONCILIATION OF THE SCHEDULE
Accounting Policies: The accompanying schedule of expenditures of federal awards, (the “Schedule”) includes the federal grant activity of the Corporation and is presented on the accrual basis, except for subrecipients expenditures,
which are presented when paid. The information in this schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in the Schedule may differ from amounts presented or used in the preparation of the basic
combined financial statements.
De Minimis Rate Used: N
Rate Explanation: The Corporation does not have a federally-negotiated indirect cost rate, nor has it elected to use the 10% de minimis cost rate allowed under 2 CFR 200.414.
The Corporation records revenue adjustments to conform to U.S. generally accepted accounting principles
which are not required to be recorded within the schedule.