Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the accompanying Schedule of Expenditures of Federal Awards (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. Negative amounts shown on
the Schedule represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: North Valley Area Career and Technology Center has not elected to use the 10-percent de
minimis indirect cost rate as allowed under the Uniform Guidance.
The Schedule includes the federal award activity of North Valley Area Career and Technology
Center under programs of the federal government for the year ended June 30, 2024. The
information in this 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 North Valley Area Career and Technology
Center, it is not intended to and does not present the financial position or changes in net
position of the Center.
Title: PASS-THROUGH ENTITIES
Accounting Policies: Expenditures reported on the accompanying Schedule of Expenditures of Federal Awards (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. Negative amounts shown on
the Schedule represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: North Valley Area Career and Technology Center has not elected to use the 10-percent de
minimis indirect cost rate as allowed under the Uniform Guidance.
All pass-through entities listed above use the same AL numbers as the federal grantors to
identify these grants, and have not assigned any additional identifying numbers.