Notes to SEFA
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of federal award programs administered by Cable Telecommunications Association of New York, Inc. (CTANY), which is described in Note 1 to CTANY=s general purpose financial statements, using the accrual basis of accounting. Federal awards that are included in the schedule may be received directly from federal agencies, as well as federal awards that are passed through from other government agencies. The information is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Association has elected not to use the 15% de minimis indirect cost rate allowed under the Uniform Guidance. Current federal grants do not include indirect costs rates as part of the budget
The accompanying schedule of expenditures of federal awards presents the activity of federal award programs administered by Cable Telecommunications Association of New York, Inc. (CTANY), which is described in Note 1 to CTANY=s general purpose financial statements, using the accrual basis of accounting. Federal awards that are included in the schedule may be received directly from federal agencies, as well as federal awards that are passed through from other government agencies. The information is presented in accordance with the requirements of the Uniform Guidance.
Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of federal award programs administered by Cable Telecommunications Association of New York, Inc. (CTANY), which is described in Note 1 to CTANY=s general purpose financial statements, using the accrual basis of accounting. Federal awards that are included in the schedule may be received directly from federal agencies, as well as federal awards that are passed through from other government agencies. The information is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Association has elected not to use the 15% de minimis indirect cost rate allowed under the Uniform Guidance. Current federal grants do not include indirect costs rates as part of the budget
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Association under programs of the federal government for the year ended September 30, 2024. This 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 of Federal Awards (Uniform Guidance). Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement
Title: RELATED PARTY TRANSACTIONS
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of federal award programs administered by Cable Telecommunications Association of New York, Inc. (CTANY), which is described in Note 1 to CTANY=s general purpose financial statements, using the accrual basis of accounting. Federal awards that are included in the schedule may be received directly from federal agencies, as well as federal awards that are passed through from other government agencies. The information is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Association has elected not to use the 15% de minimis indirect cost rate allowed under the Uniform Guidance. Current federal grants do not include indirect costs rates as part of the budget
Grant expenditures totaling approximately $790,000 and $300,000 for the year ended September 30, 2024 were paid to major vendors as part of the Association=s federal grant. A board member of the Association is employed by each of these major vendors. All transactions and services rendered were performed at arm’s length and there were mitigating controls in place to maintain independence.
Title: INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of federal award programs administered by Cable Telecommunications Association of New York, Inc. (CTANY), which is described in Note 1 to CTANY=s general purpose financial statements, using the accrual basis of accounting. Federal awards that are included in the schedule may be received directly from federal agencies, as well as federal awards that are passed through from other government agencies. The information is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Association has elected not to use the 15% de minimis indirect cost rate allowed under the Uniform Guidance. Current federal grants do not include indirect costs rates as part of the budget
The Association has elected not to use the 15% de minimis indirect cost rate allowed under the Uniform Guidance. Current federal grants do not include indirect costs rates as part of the budget.