Notes to SEFA
Title: 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.
De Minimis Rate Used: Y
Rate Explanation: IBEW Local 26 NECA Labor-Management Cooperation Committee Trust Fund has elected to use the 10% 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 IBEW Local 26 NECA Labor-Management Cooperation Committee Trust Fund under programs of the federal government for the year ended December 31, 2023. 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). Because the Schedule presents only a selected portion of the operations of IBEW Local 26 NECA Labor-Management Cooperation Committee Trust Fund, it is not intended to and does not present the financial position, changes in net assets, or cash flows of IBEW Local 26 NECA Labor_x0002_Management Cooperation Committee Trust Fund.
Title: 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.
De Minimis Rate Used: Y
Rate Explanation: IBEW Local 26 NECA Labor-Management Cooperation Committee Trust Fund has elected to use the 10% 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.
Title: SUBRECIPIENTS
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.
De Minimis Rate Used: Y
Rate Explanation: IBEW Local 26 NECA Labor-Management Cooperation Committee Trust Fund has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
IBEW Local 26 NECA Labor-Management Cooperation Committee Trust Fund did not provide federal awards to subrecipients.
Title: INDIRECT COST RATE
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.
De Minimis Rate Used: Y
Rate Explanation: IBEW Local 26 NECA Labor-Management Cooperation Committee Trust Fund has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
IBEW Local 26 NECA Labor-Management Cooperation Committee Trust Fund has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.