Notes to SEFA
Title: MATCHING COSTS
Accounting Policies: The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program.
The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Agency’s financial reporting system.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent that such costs are included in the Federal financial reports used as the source for the data presented. The de minimis election allows the Agency to allocate 10% of indirect costs to grants with periods ending on or before September 30, 2024 and 15% of indirect costs to grants with periods after September 30, 2024. The Agency does not use the de minimis election.
Matching costs (the Agency’s share of certain program costs) are not included in the reported expenditures.
Title: OTHER DISCLOSURES
Accounting Policies: The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program.
The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Agency’s financial reporting system.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent that such costs are included in the Federal financial reports used as the source for the data presented. The de minimis election allows the Agency to allocate 10% of indirect costs to grants with periods ending on or before September 30, 2024 and 15% of indirect costs to grants with periods after September 30, 2024. The Agency does not use the de minimis election.
No insurance is carried specifically to cover equipment purchased with federal funds. Any equipment purchased with federal funds has only a nominal value, and is covered by the Agency’s casualty insurance policies.
There were no loans or loan guarantees outstanding at year-end.