Notes to SEFA
Title: Note 2
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. The Schedule of Expenditures of Federal Awards (SEFA) was reconciled with the financial statement to exclude the prior year expenses paid in the current year and include expenses incurred during the current year. The information in the schedule of expenditures of federal awards 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 SEFA includes only the Council’s expenditures for the portion of the federally funded operations, it is not intended to and does not present the entire operating activity of the Council.
De Minimis Rate Used: N
Rate Explanation: The Council did not charge the 10% de minimis rate for indirect costs, rather they used the budgeted amount per the grant agreement for the federal award.
The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. The Schedule of Expenditures of Federal Awards (SEFA) was reconciled with the financial statement to exclude the prior year expenses paid in the current year and include expenses incurred during the current year. The information in the schedule of expenditures of federal awards 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 SEFA includes only the Council’s expenditures for the portion of the federally funded operations, it is not intended to and does not present the entire operating activity of the Council.
Title: Note 4
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. The Schedule of Expenditures of Federal Awards (SEFA) was reconciled with the financial statement to exclude the prior year expenses paid in the current year and include expenses incurred during the current year. The information in the schedule of expenditures of federal awards 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 SEFA includes only the Council’s expenditures for the portion of the federally funded operations, it is not intended to and does not present the entire operating activity of the Council.
De Minimis Rate Used: N
Rate Explanation: The Council did not charge the 10% de minimis rate for indirect costs, rather they used the budgeted amount per the grant agreement for the federal award.
The Council did not charge the 10% de minimis rate for indirect costs, rather they used the budgeted amount per the grant agreement for the federal award.