Audit 359521

Title: Note 1 - Purpose of Schedules Accounting Policies: Expenditures reported on the Schedule 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 as they are not consistent with underlying agreements, program objectives, and the terms and conditions of the federal award. De Minimis Rate Used: N Rate Explanation: GSFA has elected not to use the 10 percent de minimis indirect cost rate allowed in the Uniform Guidance. Basis of Presentation - The accompanying Schedule of Expenditures of Federal Awards (“Schedule”) includes the federal grant activity of the Golden State Finance Authority (GSFA) and is presented on the accrual basis of accounting. 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). Because the Schedule presents only a selected portion of the operations of GSFA, it is not intended to and does not present the net position, changes in net position, or cash flows of the GSFA. Summary of significant accounting policies - Expenditures reported on the Schedule 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 as they are not consistent with underlying agreements, program objectives, and the terms and conditions of the federal award. Indirect cost rate - GSFA has elected not to use the 10 percent de minimis indirect cost rate allowed in the Uniform Guidance.