Title: NOTE 1. BASIS OF ACCOUNTING
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. Negative amounts shown on the Schedule represent adjustments or
credits made in the normal course of business to amounts reported as expenditures in
prior years. Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in, the preparation of the financial statements.
De Minimis Rate Used: Y
Rate Explanation: Light and Salt Association has elected to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes
the federal award activity of Light and Salt Association under programs of the federal
government for the year ended December 31, 2024. The information in this schedule is
presented in accordance with the requirements of Title 2 U.S. Code of Federal
Regulations (CFR) 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 Light and Salt Association, it is not
intended to and does not present the financial position, changes in net assets, or cash
flows of Light and Salt Association.
Title: NOTE 2. NON-CASH ASSISTANCE
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. Negative amounts shown on the Schedule represent adjustments or
credits made in the normal course of business to amounts reported as expenditures in
prior years. Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in, the preparation of the financial statements.
De Minimis Rate Used: Y
Rate Explanation: Light and Salt Association has elected to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
No federal awards were expended in the form of non-cash assistance for the year.
Title: NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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. Negative amounts shown on the Schedule represent adjustments or
credits made in the normal course of business to amounts reported as expenditures in
prior years. Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in, the preparation of the financial statements.
De Minimis Rate Used: Y
Rate Explanation: Light and Salt Association has elected to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
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. Negative amounts shown on the Schedule represent adjustments or
credits made in the normal course of business to amounts reported as expenditures in
prior years. Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in, the preparation of the financial statements.
Title: NOTE 4. DE MINIMIS INDIRECT COST RATE
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. Negative amounts shown on the Schedule represent adjustments or
credits made in the normal course of business to amounts reported as expenditures in
prior years. Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in, the preparation of the financial statements.
De Minimis Rate Used: Y
Rate Explanation: Light and Salt Association has elected to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Light and Salt Association has elected to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Title: NOTE 5. RELATIONSHIP TO FINANCIAL REPORTS SUBMITTED TO GRANTOR AGENCIES
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. Negative amounts shown on the Schedule represent adjustments or
credits made in the normal course of business to amounts reported as expenditures in
prior years. Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in, the preparation of the financial statements.
De Minimis Rate Used: Y
Rate Explanation: Light and Salt Association has elected to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Amounts reflected in the financial reports filed with grantor agencies for the programs
and the supplementary schedules may not agree because of the accruals which would
be included in reports filed with the agencies, matching requirements not included in the
schedule and due to different program year ends.