Notes to SEFA
Title: Note 1
Accounting Policies: This accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of Arkansas Humanities Council. The information in the 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 (the 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.
De Minimis Rate Used: N
Rate Explanation: Arkansas Humanities Council has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
This accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of Arkansas Humanities Council. The information in the 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 (the 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.
Title: Note 2
Accounting Policies: This accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of Arkansas Humanities Council. The information in the 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 (the 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.
De Minimis Rate Used: N
Rate Explanation: Arkansas Humanities Council has elected not to use the 10 percent de minimis indirect cost rate 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. Arkansas Humanities Council has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.