Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expense Recognition
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.
Payments to Subrecipients
There were no payments to subrecipients for the fiscal year ended 2024.
De Minimis Rate Used: N
Rate Explanation: Southern United States Trade Association has elected not 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 Southern United States Trade Association under programs of the federal government
for the year ended 2024. 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 (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Southern United States
Trade Association it is not intended to and does not present the financial position, changes in net position, or cash flows of
Southern United States Trade Association.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expense Recognition
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.
Payments to Subrecipients
There were no payments to subrecipients for the fiscal year ended 2024.
De Minimis Rate Used: N
Rate Explanation: Southern United States Trade Association has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expense Recognition
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.
Payments to Subrecipients
There were no payments to subrecipients for the fiscal year ended 2024.
Title: INDIRECT COST RATE
Accounting Policies: Expense Recognition
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.
Payments to Subrecipients
There were no payments to subrecipients for the fiscal year ended 2024.
De Minimis Rate Used: N
Rate Explanation: Southern United States Trade Association has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Southern United States Trade Association has elected not to use the 10% de minimisindirect cost rate allowed under the Uniform Guidance.