Notes to SEFA
Title: Note 1 – Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Kings County Association of Governments (KCAG) 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, KCAGs financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. KCAG has elected not to use the 10 percent de minimus cost rate allowed under the Uniform Guidance. KCAG uses a negotiated indirect cost rate agreement approved by Caltrans.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Kings County Association of Governments (KCAG) 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, KCAGs financial statements.
Title: Note 2 – Schedule of the Total Federal Awards Provided to Sub-Recipients from Each Federal
Program
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Kings County Association of Governments (KCAG) 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, KCAGs financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. KCAG has elected not to use the 10 percent de minimus cost rate allowed under the Uniform Guidance. KCAG uses a negotiated indirect cost rate agreement approved by Caltrans.
Of the federal expenditures presented in the Schedule of Expenditures of Federal Awards, KCAG
provided no federal awards to sub-recipients for the fiscal year ended June 30, 2024.
Title: Note 3 – Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Kings County Association of Governments (KCAG) 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, KCAGs financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. KCAG has elected not to use the 10 percent de minimus cost rate allowed under the Uniform Guidance. KCAG uses a negotiated indirect cost rate agreement approved by Caltrans.
KCAG has elected not to use the 10 percent de minimus cost rate allowed under the Uniform Guidance.