Notes to SEFA
Title: NOTE-1 PURPOSE OF SCHEDULE
Accounting Policies: See notes. The schedule is prepared on the accrual basis of accounting and includes all of the federal grant activity for the year end.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE.
The accompanying schedule of expenditures of federal awards (the Schedule) is a supplementary schedule to Pacific Shellfish Institute’s (PSI’s) financial statements and is presented for purposes of additional analysis. Because the Schedule presents only a selected portion of the activities of PSI, it does not present the financial position, changes in financial position, or the revenues and expenditures of PSI.
Title: Note 2-Reporting Entity
Accounting Policies: See notes. The schedule is prepared on the accrual basis of accounting and includes all of the federal grant activity for the year end.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE.
The reporting entity is described in Note A to PSI’s financial statements. The Schedule includes all federal programs administered by PSI for the fiscal year ended August 31, 2024.
Title: Note 3-Basis of Accounting
Accounting Policies: See notes. The schedule is prepared on the accrual basis of accounting and includes all of the federal grant activity for the year end.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE.
This schedule is prepared on the same basis of accounting as PSI’s financial statements. PSI uses the accrual basis of accounting for financial reporting purposes.
Title: Note 4-De Minimus Cost Rate
Accounting Policies: See notes. The schedule is prepared on the accrual basis of accounting and includes all of the federal grant activity for the year end.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE.
PSI did not use the 10% de-minimis cost rate
Title: Note 5-Basis of Presentation
Accounting Policies: See notes. The schedule is prepared on the accrual basis of accounting and includes all of the federal grant activity for the year end.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE.
The information in the Schedule is presented in accordance with Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards 2 CFR 200 (Uniform Guidance).