Notes to SEFA
Title: NOTE 1 PURPOSE OF SCHEDULE
Accounting Policies: The Schedule of Expenditures of Federal Awards (schedule) is a supplementary schedule to the financial
statements and is presented for purposes of additional analysis. The schedule is required by Title 2 U.S. Code of
Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements
for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The association has not elected to use the 10 percent de minimis indirect cost rate.
The Schedule of Expenditures of Federal Awards (schedule) is a supplementary schedule to the financial
statements and is presented for purposes of additional analysis. The schedule is required by Title 2 U.S. Code of
Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements
for Federal Awards (Uniform Guidance).
Title: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The Schedule of Expenditures of Federal Awards (schedule) is a supplementary schedule to the financial
statements and is presented for purposes of additional analysis. The schedule is required by Title 2 U.S. Code of
Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements
for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The association has not elected to use the 10 percent de minimis indirect cost rate.
Basis of Presentation
Federal Financial Assistance – Pursuant to the Uniform Guidance, federal financial assistance is defined as
assistance that nonfederal entities receive or administer in the form of grants, cooperative agreements, loans, loan
guarantees, property (including donated surplus property), interest subsidies, insurance, food commodities, direct
appropriations and other assistance, but does not include amounts received as reimbursements for services
rendered to individuals. Accordingly, nonmonetary federal assistance may be included in federal financial
assistance and therefore, may be reported on the schedule. North Dakota Stockmen’s Association received no
nonmonetary federal assistance during the year ended December 31, 2024. Federal financial assistance does not
include direct federal cash assistance to individuals.
Assistance Listing – Uniform Guidance requires the schedule to show the total expenditures for each of the federal
financial assistance programs as identified in the Assistance Listing (AL). The AL is a government wide
compendium of individual federal programs.
Major Programs
The Uniform Guidance established the levels of expenditures to be used in defining major federal financial
assistance programs. The dollar threshold to distinguish Type A and Type B programs was $750,000.
Reporting Entity
The schedule includes all federal financial assistance programs administered by the association.
Basis of Accounting
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in OMB Circular A-122, Cost Principles for Non-profit
Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Elections
The association has not elected to use the 10 percent de minimis indirect cost rate.