Notes to SEFA
Accounting Policies: 1. Basis of presentation 1. Basis of Presentation
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of the Center 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 US Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule represents only a selected portion of the operations of the Center, it is not intended to and does not present the financial position, changes in assets or cash flows of the Center.
2. Summary of Significant Accounting Policies
A. 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 Center has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
B. The Center identified the larger Federal Programs (Type A programs) as those programs that exceed $750,000. All other programs are labeled as Type B programs.
C. Federal CFDA Numbers 93.596, 93.575 and 93.558 funds are considered the CCDF cluster program. The grouped total is used to determine whether the cluster is a Type A or B program and whether or not it is classifed as Major Federal Program.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE