Notes to SEFA
Title: NOTE 1 – 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, whereincertain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available
De Minimis Rate Used: Y
Rate Explanation: MetroHartford Alliance, Inc. and Affiliates has elected to use the 10 percent de minimis indirect rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of State Financial Assistance includes the federal grant activity of the MetroHartford Alliance, Inc. and Affiliates under the programs of the Federal government for the year ended December 31, 2024. 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 MetroHartford Alliance, Inc. and Affiliates, it is not intended to and does not present the financial position, changes in net assets, or cash flows of MetroHartford Alliance, Inc. and Affiliates.
Title: NOTE 2 – 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, whereincertain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available
De Minimis Rate Used: Y
Rate Explanation: MetroHartford Alliance, Inc. and Affiliates has elected to use the 10 percent de minimis indirect rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. MetroHartford Alliance, Inc. and Affiliates has elected to use the 10 percent de minimis indirect rate as allowed under the Uniform Guidance.