Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on 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: Area Community Services Employment and Training Council has not elected to use the 10-percent
de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Area
Community Services Employment and Training Council and is presented on the modified 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may
differ from amounts presented in or used in the preparation of the basic financial statements, which are
reconciled in Note 3.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on 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: Area Community Services Employment and Training Council has not elected to use the 10-percent
de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on 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. Area Community Services Employment and Training Council has not elected to use the 10-percent
de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: RECONCILIATION TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Accounting Policies: Expenditures reported on 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: Area Community Services Employment and Training Council has not elected to use the 10-percent
de minimis indirect cost rate as allowed under the Uniform Guidance.
The following reconciles the federal revenues reported in the June 30, 2023 basic financial statements to the
expenditures the Council administered federal programs reported in the Schedule of Expenditures of Federal
Awards:
Less Federal
State/Local Award
Grants Revenue Expenditures
PRIMARY GOVERNMENT
GENERAL FUND $ 35,927,472 $ 13,359,460 $ 22,568,012