Notes to SEFA
Title: Notes to Schedule of Federal and State Awards
Accounting Policies: Modified accrual basis
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimus cost rate.
Note A – Basis of Presentation
The accompanying schedule of expenditures of federal or state awards (the Schedule) includes the federal or state grant activity of the Economic Action Committee of the Gulf Coast (EAC) under programs of the federal or state governments for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Because the Schedule presents only a selected portion of the operations of the EAC, it is not intended to and does not present the financial position, changes in net position, or cash flows of the EAC.
Note B – Summary of Significant Accounting Policies
(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
(2) Pass-through entity identifying numbers are presented where available.