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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Agency has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Agency has elected to use a cost allocation plan.
The accompanying schedule of expenditures of federal awards, the “Schedule” includes the federal grant activity of Community Action Partnership of Huntsville/Madison & Limestone Counties, Inc. ("the Agency"), and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of OMB Uniform Guidance, "Audits of States, Local Governments, and Non-Profit Organizations."
Because the schedule presents only a selected portion of the operations of Huntsville/Madison & Limestone, it is not intended to and does not present the financial position, changes in net position, or cash flows of Huntsville/Madison & Limestone.
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Agency has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Agency has elected to use a cost allocation plan.
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Agency has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Agency has elected to use a cost allocation plan.
The Agency has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Agency has elected to use a cost allocation plan.