Notes to SEFA
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: The Schedule of Expenditures of Federal Awards and State Financial Assistance includes the federal and state grant activity of the East Central Florida Regional Planning Council and is presented on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The East Central Florida Regional Planning Council has elected not to use the 10% de minimis indirect cost rate allowed under the OMB Uniform Guidance.
The Schedule of Expenditures of Federal Awards and State Financial Assistance includes the federal and state grant activity of the East Central Florida Regional Planning Council and is presented on the modified accrual basis of accounting. 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) and Chapter 10.550, Rules of the Auditor General . Therefore, amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
Title: NOTE 2 - INDIRECT COST RATE
Accounting Policies: The Schedule of Expenditures of Federal Awards and State Financial Assistance includes the federal and state grant activity of the East Central Florida Regional Planning Council and is presented on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The East Central Florida Regional Planning Council has elected not to use the 10% de minimis indirect cost rate allowed under the OMB Uniform Guidance.
The East Central Florida Regional Planning Council has elected not to use the 10% de minimis indirect cost rate allowed under the OMB Uniform Guidance.