Notes to SEFA
Title: NOTE 1 - 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 (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. Dickinson Iron Community Services Agency and Subsidiary has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The Organization does not pass through federal funds.
De Minimis Rate Used: N
Rate Explanation: Dickinson Iron Community Services Agency and Subsidiary has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Dickinson Iron Community Services Agency and Subsidiary under programs of the federal government for the year ended September 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Dickinson Iron Community Services Agency and Subsidiary, it is not intended to and does not present the financial position, changes in net assets or cash flows of Dickinson Iron Community Services Agency and Subsidiary.
Title: NOTE 2 - 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 (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. Dickinson Iron Community Services Agency and Subsidiary has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The Organization does not pass through federal funds.
De Minimis Rate Used: N
Rate Explanation: Dickinson Iron Community Services Agency and Subsidiary 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. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. Dickinson Iron Community Services Agency and Subsidiary has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The Organization does not pass through federal funds.
Title: NOTE 3 - FOOD DISTRIBUTION
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 (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. Dickinson Iron Community Services Agency and Subsidiary has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The Organization does not pass through federal funds.
De Minimis Rate Used: N
Rate Explanation: Dickinson Iron Community Services Agency and Subsidiary has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Non-cash assistance (commodities) is reported in the schedule using a value determined by the U.S. Department of Agriculture.
Title: NOTE 4 - RECONCILIATION WITH AUDITED CONSOLIDATED FINANCIAL STATEMENTS
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 (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. Dickinson Iron Community Services Agency and Subsidiary has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The Organization does not pass through federal funds.
De Minimis Rate Used: N
Rate Explanation: Dickinson Iron Community Services Agency and Subsidiary has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
See the Notes to the SEFA for the Table.