Notes to SEFA
Title: NOTE 1: 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. The Organization elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Organization had no federal loan programs during the year ended August 31, 2024. The Organization provided no cash federal awards to subrecipients.
De Minimis Rate Used: Y
Rate Explanation: The Organization elected to use the 10 percent indirect cost rate de minimis as permited by the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Permian Basin Council on Alcohol and Drug Abuse (the Organization) under programs of the federal government for the year ended August 31, 2024. 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). This Schedule presents only a selected portion of the operations of the Organization and is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization as a whole.
Title: NOTE 1: 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. The Organization elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Organization had no federal loan programs during the year ended August 31, 2024. The Organization provided no cash federal awards to subrecipients.
De Minimis Rate Used: Y
Rate Explanation: The Organization elected to use the 10 percent indirect cost rate de minimis as permited by 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. The Organization elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Organization had no federal loan programs during the year ended August 31, 2024. The Organization provided no cash federal awards to subrecipients.