Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported in the Schedule are reported on the modified 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. Federal financial assistance provided to a subrecipient is treated as an expenditure when it is paid to the subrecipient.
De Minimis Rate Used: N
Rate Explanation: MAPA has not elected to use the 10% percent de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Omaha-Council Bluffs Metropolitan Area Planning Agency (MAPA) under programs of the federal government for the year ended June 30, 2024. The information in the 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 MAPA, it is not intended to and does not present the financial position, changes in net position or fund balance, or cash flows of MAPA.
Title: Note 4 - Payments to Subrecipients
Accounting Policies: Expenditures reported in the Schedule are reported on the modified 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. Federal financial assistance provided to a subrecipient is treated as an expenditure when it is paid to the subrecipient.
De Minimis Rate Used: N
Rate Explanation: MAPA has not elected to use the 10% percent de minimis cost rate.
Payments to subrecipients are reported in the Schedule on the cash basis of accounting, however MAPA recognized subrecipient expenditures on the accrual basis in the financial statements. The following is a reconciliation of payments to subrecipients recognized in the Schedule and amounts recognized in the financial statements for the year ended June 30, 2024: