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. 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.
De Minimis Rate Used: N
Rate Explanation: Southern Forest Products Association did not elect to use the 10% de minimis indirect cost rate allowed under Uniform Guidance. The organization had no indirect expenses for 2023.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
award activity of Southern Forest Products 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 Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Because the Schedule presents only a selected portion of operations of Southern Forest Products
Association, it is not intended to and does not present the financial position, changes in net assets, or
cash flows of Southern Forest Products Association.
Title: 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.
De Minimis Rate Used: N
Rate Explanation: Southern Forest Products Association did not elect to use the 10% de minimis indirect cost rate allowed under Uniform Guidance. The organization had no indirect expenses for 2023.
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.
Title: Indirect cost
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.
De Minimis Rate Used: N
Rate Explanation: Southern Forest Products Association did not elect to use the 10% de minimis indirect cost rate allowed under Uniform Guidance. The organization had no indirect expenses for 2023.
Southern Forest Products Association did not elect to use the 10% de minimis indirect cost rate (15%
for federal grants received after October 1, 2024) allowed under Uniform Guidance.