Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal activity under programs of the Federal government during the year ended December 31, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of SBCP, it is not intended to and does not present the financial position, changes in net assets or cash flows of SBCP. Expenditures reported on the Schedule are reported on the 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.
De Minimis Rate Used: N
Rate Explanation: The use of a ten percent de minimis rate as allowed by the Uniform Guidance is not applicable to SBCP.