Notes to SEFA
Title: Accrual Basis of Accounting
Accounting Policies: This accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of the 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: The Council has elected to not use the 10 percent de minimis 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 allowed or are limited as to reimbursement. The Council has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.