Notes to SEFA
Title: NOTE A – 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.
De Minimis Rate Used: N
Rate Explanation: Porter-Leath has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance.
The accompanying schedule of expenditures of federal and state awards (the “Schedule”) includes the
federal and state award activity of Porter-Leath under programs of the federal and state governments for
the year ended June 30, 2022. 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”) and
the Tennessee Comptroller of the Treasury Audit Manual. Because the Schedule presents only a
selected portion of the operations of Porter-Leath, it is not intended to and does not present the financial
position, changes in net assets, or cash flows of Porter-Leath.
Title: NOTE B – 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.
De Minimis Rate Used: N
Rate Explanation: Porter-Leath has elected not to use the 10% de minimis indirect cost rate as allowed under 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.
Title: NOTE C – 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.
De Minimis Rate Used: N
Rate Explanation: Porter-Leath has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance.
Porter-Leath has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance.
Title: NOTE D – SUBRECIPIENTS
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.
De Minimis Rate Used: N
Rate Explanation: Porter-Leath has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance.
Porter-Leath did not pass any awards through to subrecipients for the year ended June 30, 2022.