Notes to SEFA
Title: Basis of Accounting
Accounting Policies: Basis of accounting
De Minimis Rate Used: N
Rate Explanation: Not applicable
The accompanying schedule of expenditures of federal awards (the “Schedule”)
includes the federal grant activity of the Corporation and under programs of the federal government for the
year ended December 31, 2024. Expenditures reported on the Schedule are reported on the same basis of
accounting as the basic financial statements, although the basis for determining when federal awards are
expended 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). In addition, expenditures reported on the Schedule are recognized following
the cost principles contained in OMB circular, 2 CFR 200.420, wherein certain types of expenditures are
not allowable or are limited as to reimbursement. Therefore, some amounts presented in this Schedule may
differ from amounts presented in, or used in the preparation of the basic financial statements.
Because the Schedule presents only a selected portion of the operations of the Corporation, it is not intended
to and does not present the financial position, changes in net assets, or cash flows, if applicable, of the
Corporation.
Title: Indirect Cost Rate
Accounting Policies: Basis of accounting
De Minimis Rate Used: N
Rate Explanation: Not applicable
The Corporation did not elect to use the 10 percent de minimis indirect cost rate as
allowed under the Uniform Guidance.
Title: Subrecipients
Accounting Policies: Basis of accounting
De Minimis Rate Used: N
Rate Explanation: Not applicable
None of the federal expenditures presented in the schedule were provided to subrecipients