Notes to SEFA
Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are presented on the accrual basis of accounting. This is the same basis the
financial statements are presented. 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 Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Buy
California Marketing Agreement (Organization) under programs of the federal government for the year ended June
30, 2024. 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). Because the Schedule presents only a selected portion of the operations of
Organization, it is not intended to and does not present the financial position, changes in net position, or cash flows
of Organization.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are presented on the accrual basis of accounting. This is the same basis the
financial statements are presented. 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 Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are presented on the accrual basis of accounting. This is the same basis the
financial statements are presented. 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.
Title: NOTE 3 – INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are presented on the accrual basis of accounting. This is the same basis the
financial statements are presented. 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 Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.