Notes to SEFA
Title: Note 1 - Basis Of Accounting
Accounting Policies: The modified accrual basis of accounting is used for the Schedule of Expenditures of Federal, State, and Other Awards. Under the modified accrual basis of accounting, revenues are recognized when they are both measurable and available. Expenditures are recorded when the liability is incurred. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: NCCAA has elected to not use the 10 % de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity Nueces County Community Action Agency (“NCCAA”) under programs of the federal government for the year ended August 31, 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 NCCAA, it is not intended to and does not present the financial position, changes in net assets or cash flows of NCCAA.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: The modified accrual basis of accounting is used for the Schedule of Expenditures of Federal, State, and Other Awards. Under the modified accrual basis of accounting, revenues are recognized when they are both measurable and available. Expenditures are recorded when the liability is incurred. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: NCCAA has elected to not use the 10 % de minimis indirect cost rate as allowed under the Uniform Guidance.
The modified accrual basis of accounting is used for the Schedule of Expenditures of Federal, State, and Other Awards. Under the modified accrual basis of accounting, revenues are recognized when they are both measurable and available. Expenditures are recorded when the liability is incurred. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: The modified accrual basis of accounting is used for the Schedule of Expenditures of Federal, State, and Other Awards. Under the modified accrual basis of accounting, revenues are recognized when they are both measurable and available. Expenditures are recorded when the liability is incurred. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: NCCAA has elected to not use the 10 % de minimis indirect cost rate as allowed under the Uniform Guidance.
NCCAA has elected to not use the 10 % de minimis indirect cost rate as allowed under the Uniform Guidance.