Notes to SEFA
Accounting Policies: The schedule of expenditures of federal awards includes only the current year federal grant activity of the
Association and is presented on the accrual basis of accounting. This information 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. Amounts presented in this
schedule as expenditures may differ from amounts presented in, or used in the preparation of, the basic
financial statements, although such differences are not material.
De Minimis Rate Used: N
Rate Explanation: The Association has elected not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.