Notes to SEFA
Title: NOTE 1: BASIS OF ACCOUNTING:
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the MRJBOC. 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 it is not intended to and does not present the financial position, changes in net assets, or cash flows of the MRJBOC. The expenditures reported are presented on the accrual basis of accounting. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The MRJBOC did not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the MRJBOC. 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 it is not intended to and does not present the financial position, changes in net assets, or cash flows of the MRJBOC. The expenditures reported are presented on the accrual basis of accounting. Therefore, some 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 accompanying schedule of expenditures of federal awards includes the federal grant activity of the MRJBOC. 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 it is not intended to and does not present the financial position, changes in net assets, or cash flows of the MRJBOC. The expenditures reported are presented on the accrual basis of accounting. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The MRJBOC did not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The MRJBOC did not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.