Notes to SEFA
Title: Note 1. Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Band has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. Instead, the Band utilizes a predetermined federally negotiated indirect cost rate. This rate was 15.92% for the year ended September 30, 2024.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Grant Fund (the Fund) of the Grand Portage Band of Lake Superior Chippewa a.k.a. Grand Portage Reservation Tribal Council (the Band) under programs of the federal government for the year ended September 30, 2024. The information in the 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Band, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Band.
Title: Note 2. Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Band has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. Instead, the Band utilizes a predetermined federally negotiated indirect cost rate. This rate was 15.92% for the year ended September 30, 2024.
Expenditures reported on the Schedule are reported on the modified 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
Title: Note 3. Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Band has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. Instead, the Band utilizes a predetermined federally negotiated indirect cost rate. This rate was 15.92% for the year ended September 30, 2024.
The Band has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. Instead, the Band utilizes a predetermined federally negotiated indirect cost rate. This rate was 15.92% for the year ended September 30, 2024.