Notes to SEFA
Title: Note 2
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting. Revenues were adjusted to balance expenditures incurred for each project.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to charge a de-minimis indirect cost rate of 10%, as permitted by the Uniform Guidance.
An extensive compliance test, as requried by the Uniform Guidance, was performed on the Medical Assistance Program which represents 35% of the total expenditures reflected on the Schedule of Expenditures of Federal Awards. The Medical Assistance Program exceeds $268,333 and, therefore, represents the only program requiring specific compliance testing.