Notes to SEFA
Title: Contingencies
Accounting Policies: Federal expenditures reported on the accompanying Schedule are reported on the modified accrual basis of accounting as defined in Note A of the Council’s basic financial statements. Federal expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited for reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Council did not utilize indirect cost rates for reimbursement of grant expenditures for the fiscal year ended September 30, 2024.
These federal programs are subject to financial and compliance audits by grantor agencies which, if instances of material noncompliance are found, may result in disallowed expenditures and affect the Council’s continued participation in specific programs. The amounts, if any, of expenditures which may be disallowed by the grantor agencies cannot be determined at this time, although the Council expects such amounts, if any, to be immaterial.