Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Summary of Significant Accounting Policies
The accompanying schedule of expenditures of federal awards is presented using the accrual basis of
accounting as described in Note 2 to the 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. Pass-through entity identifying numbers have been
presented where available.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate
The Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
The accompanying schedule of expenditures of federal awards presents the activity of all federal financial
assistance programs of the Corporation. 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 (Uniform Guidance). Therefore,
some amounts presented in this schedule may differ from amounts presented in or used in the preparation
of the basic financial statements. All federal financial assistance received directly from federal agencies is
included on the schedule of expenditures of federal awards. Because the schedule presents only a selected
portion of the operations of the Corporation, it is not intended to and does not present the financial
position, changes in net assets, or cash flows of the Corporation.
Title: Relationship to Federal Financial Reports
Accounting Policies: Summary of Significant Accounting Policies
The accompanying schedule of expenditures of federal awards is presented using the accrual basis of
accounting as described in Note 2 to the 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. Pass-through entity identifying numbers have been
presented where available.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate
The Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
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 of
expenditures of federal awards, which is prepared on the accrual basis explained in Note 2.
Title: Sub-recipients
Accounting Policies: Summary of Significant Accounting Policies
The accompanying schedule of expenditures of federal awards is presented using the accrual basis of
accounting as described in Note 2 to the 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. Pass-through entity identifying numbers have been
presented where available.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate
The Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
No federal awards were provided to sub-recipients.
Title: Single Audit - Type A/Tyoe B Program Threshold
Accounting Policies: Summary of Significant Accounting Policies
The accompanying schedule of expenditures of federal awards is presented using the accrual basis of
accounting as described in Note 2 to the 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. Pass-through entity identifying numbers have been
presented where available.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate
The Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
Dollar threshold used to distinguish between Type A and Type B programs is $750,000. Single audit expenditure threshold requirement is $750,000.