Notes to SEFA
Accounting Policies: Note 1- Basis of Presentation This schedule of expenditures of federal awards includes the federal grant activity of Manufacturing Advocacy and Growth Network, Inc ("MAGNET") and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2, "Uniform Administration Requirements, Cost Principles, and Audit Requirements for Federal Awards." Therefore, some amounts presented in this schedule may differ from the amounts presented in, or used in the preparation of, the basic consolidated financial statement. Because the schedule only presents a selected portion of the operations of MAGNET, it is not intended to and does not present the financial position, changes in net assets, functional expenses or cash flows of the Organization.
De Minimis Rate Used: Y
Rate Explanation: MAGNET has elected to use the ten percent di minimis cost rate allowed under Uniform Guidance for some of the grants.