Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of the Association and is presented on the accrual basis of accounting. The information in the schedule is presented in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, the amounts presented in this schedule may differ from the amounts presented in the preparation of the basic financial statements. Because the schedule presents only a selected portion of the operations of the Association, it is not intended to and does not present the financial position or changes in net assets of the Association. None of the federal awards received have been passed through to subrecipients. The Association has elected not to use the 10% deminimis cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.