Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: All Federal grant operations of the Corporation are included in the scope of Title 2 U.S. Code
of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards (“the Single Audit or Uniform Guidance”). The Single
Audit was performed in accordance with the provisions of the OMB Compliance Supplement
(“the Compliance Supplement”). Compliance testing of all requirements, as described in the
Compliance Supplement, was performed for the grant programs noted below. These programs
represent Federal award programs for fiscal year 2024 cash and non-cash expenditures to
ensure coverage of at least 20% of Federally granted funds. Actual coverage is 81% of total
cash and non-cash Federal award program expenditures. Expenditures reported on the Schedule of Expenditures of Federal Awards (the Schedule) are
recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards, wherein certain types of expenditures are not allowable or are limited as to
reimbursement
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10-percent de minimis indirect cost
rate as allowed under the Uniform Guidance.
The accompanying Schedule includes the Federal grant activity of the Corporation under
programs of the Federal government for the year ended June 30, 2024, are reported on the
accrual basis of accounting. The information in this Schedule is presented in accordance with
the requirements of the Uniform Guidance.