Notes to SEFA
Title: A. Basis of Presentation
Accounting Policies: there are 3 footnotes describing basis of presentation, significant accounting policies and de minimus indirect cost rate
De Minimis Rate Used: N
Rate Explanation: Most costs are direct to the programs.
The Schedule of Federal and State Awards includes the federal and state grant activity of the Agency and is presented on the accrual basis of accounting. The amounts represent expenses incurred by the Agency duringthe fiscal year ended June 30, 2024. Such expenses are recognized following the principles contained in the Uniform Guidance, wherein certain types of expenses are not allowable or are limited as to reimbursement. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulation Part 200, Uniform Administration Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Agency, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Agency.
Title: B. Summary of Significant Accounting Policies
Accounting Policies: there are 3 footnotes describing basis of presentation, significant accounting policies and de minimus indirect cost rate
De Minimis Rate Used: N
Rate Explanation: Most costs are direct to the programs.
Expenditures reported on the Schedule are reported on the 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.
Title: C. Indirect Cost Rate
Accounting Policies: there are 3 footnotes describing basis of presentation, significant accounting policies and de minimus indirect cost rate
De Minimis Rate Used: N
Rate Explanation: Most costs are direct to the programs.
The Agency has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.