Notes to SEFA
Title: SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: BASIS OF ACCOUNTING REFERS TO WHEN REVENUES AND EXPENDITURES ARE RECONGIZED IN THE ACCOUNTS AND REPORTED IN THE FINANCIAL STATEMENTS. THE ACCOUNTING OF THE ASSOCIATION IS MAINTAINED, AND THE ACCOMPANYING FINANCIAL STATEMENTS HAVE BEEN PREPARED, ON THE ACCRUAL BASIS OF ACCOUNTING. REVENUES AND EXPENDITURES ARE RECOGNIZED WHEN EARNED RATHER THAN RECEIVED, AND EXPENSES WHEN THEY ARE INCURRED RATHER THAN WHEN PAID.
De Minimis Rate Used: N
Rate Explanation: THE ASSOCIATION USED THE FOLLOWING INDIRECT COST RATES: PREVENTION TECHNOLOGY TRANSFER CENTER (PTTC) - 8%; DRUG-FREE COMMUNITIES - 10%; DEPARTMENT OF TRANSPORTATION - 10%
Basis of Accounting: Basis of accounting refers to when revenues and expenditures are recognized in the accounts and reported in the financial statements. The accounting of the Association is maintained, and the accompanying financial statements have been prepared, on the accrual basis of accounting. Revenues and expenditures are recognized when earned rather than received, and expenses when they are incurred rather than when paid. Subrecipients: The Association did not provide funds to subrecipients in the current year.
Title: FEDERAL INDIRECT COST RATE
Accounting Policies: BASIS OF ACCOUNTING REFERS TO WHEN REVENUES AND EXPENDITURES ARE RECONGIZED IN THE ACCOUNTS AND REPORTED IN THE FINANCIAL STATEMENTS. THE ACCOUNTING OF THE ASSOCIATION IS MAINTAINED, AND THE ACCOMPANYING FINANCIAL STATEMENTS HAVE BEEN PREPARED, ON THE ACCRUAL BASIS OF ACCOUNTING. REVENUES AND EXPENDITURES ARE RECOGNIZED WHEN EARNED RATHER THAN RECEIVED, AND EXPENSES WHEN THEY ARE INCURRED RATHER THAN WHEN PAID.
De Minimis Rate Used: N
Rate Explanation: THE ASSOCIATION USED THE FOLLOWING INDIRECT COST RATES: PREVENTION TECHNOLOGY TRANSFER CENTER (PTTC) - 8%; DRUG-FREE COMMUNITIES - 10%; DEPARTMENT OF TRANSPORTATION - 10%
The Department of Health and Human Services approved the following indirect cost rates for the Association for the year ended June 30, 2024: Prevention Technology Transfer Center (PTTC) - 8%; Drug-Free Communities - 10%; Department of Transportation - 10%.