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: N
Rate Explanation: The Council did not elect to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
The accompanying shcedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Gadsden Etowah County Progress Council, Inc. (the Council) under program of the federal government for the year ended July 31, 2024. The information in this schedule is presented in accordance with 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 the Council, it is not intended to, and does not, present the financial position, change in net assets, or cash flows of the Council.