Notes to SEFA
Title: General
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of the National Emergency Management Association and is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Association has a provisional indirect cost rate and did not elect to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of National Emergency Management Association (the Association). The Association's reporting entity is defined in Note 1 to the Association's financial statements. All federal financial assistance was received directly from federal agencies unless specifically noted on the schedule. The Association has a provisional indirect cost rate and did not elect to use the 10% de minimis indirect cost rate.
The grant revenue amounts received and expensed are subject to audit and adjustment. If any expenditures are disallowed by the grantor as a result of such an audit, any claim for reimbursement to the grantor would become a liability of the Association. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal laws and regulations.
Title: Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of the National Emergency Management Association and is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Association has a provisional indirect cost rate and did not elect to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of the National Emergency Management Association and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Therefore, some of the amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.