Notes to SEFA
Title: Contingent Liabilities
Accounting Policies: The accompanying schedules of expenditures of federal and state awards includes the federal and state grant activity of Logan County Historical Society, Inc. and is presented on the accrual basis of accounting. The information presented in the schedule of expenditures of federal awards is prepared 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).
De Minimis Rate Used: N
Rate Explanation: Logan County Historical Society, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Logan County Historical Society, Inc. participates in a number of federal and state assisted programs. These programs are audited in accordance with Government Auditing Standards and the Uniform Guidance requirements, if applicable, in accordance with the required levels of Federal Financial Assistance. Audits of prior years have not resulted in any significant disallowed costs; however, grantor agencies may provide for further examinations. Based on prior experience, management believes that further examinations would not result in any significant disallowed costs.
Title: Relationship to Financial Reports
Accounting Policies: The accompanying schedules of expenditures of federal and state awards includes the federal and state grant activity of Logan County Historical Society, Inc. and is presented on the accrual basis of accounting. The information presented in the schedule of expenditures of federal awards is prepared 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).
De Minimis Rate Used: N
Rate Explanation: Logan County Historical Society, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Amounts reported in the preceding schedules may not agree with the amounts reported in the related financial reports filed with grantor agencies because of accruals made in the schedule, which will be included in future reports filed with the agencies.
Title: Subrecipients
Accounting Policies: The accompanying schedules of expenditures of federal and state awards includes the federal and state grant activity of Logan County Historical Society, Inc. and is presented on the accrual basis of accounting. The information presented in the schedule of expenditures of federal awards is prepared 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).
De Minimis Rate Used: N
Rate Explanation: Logan County Historical Society, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Logan County Historical Society, Inc. has no subrecipients.