Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 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 Association has not elected 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 Kent County Youth Agricultural Association under programs of the federal government for the year ended October 31, 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 Kent County Youth Agricultural Association, it is not intended to and does not present the financial position, changes in net assets, functional expenses, or cash flows of Kent County Youth Agricultural Association.
Title: Reconciliation of Revenues from Federal Sources per Audited Financial Statements and Expenditures per the Schedule of Expenditures of Federal Awards
Accounting Policies: 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 Association has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Revenue reported as donations and grants in the October 31, 2024 statement of activities - $2,278,096
Revenue reported as donations and grants in the October 31, 2024 statement of activities received from nonfederal sources - $(536,238)
Expenditures per schedule of expenditures of federal awards - $1,741,858